Cabinet to study amendments to insolvency laws

 

Amendments to the Insolvency Act 1967 will be studied by cabinet soon.

In a statement, Law and Institutional Reform Minister Azalina Othman Said said the reforms were being proposed by the Insolvency Department.

Among others, the department has proposed amendments to the law that will make it easier for qualified individuals to release their bankruptcy status.

There was also a proposal for those above the age of 70 or those suffering from mental illnesses to be released from their bankruptcy status.

Other proposals involve considerations based on the state of the economy, minimum wage policy and current cost-of-living.

"The government always welcomes feedback and proposals on bankruptcy issues.

"Therefore, an engagement process with stakeholders will be held on Feb 7 (prior to deliberation by cabinet)," she said.

Azalina (above) said this in response to articles by NST and Berita Harian which highlighted the plight of Hairul Nizam Hashim.

Hairul was declared bankrupt in 2013 but has managed to be financially secure now.

However, he was still struggling with the process to be discharged from his bankruptcy status. - Mkini