Govt to table amendment to Insolvency Act

PETALING JAYA: The government will be tabling an amendment to the Insolvency Act 1967 in this Dewan Rakyat meeting, says Minister in the Prime Minister's Department (Parliament and Law) Datuk Takiyuddin Hassan (pic).

"The government is concerned about (bankruptcy), especially post Covid-19.

"We will table an amendment, specifically Section 5(1) of the Insolvency Act which involves a new (bankruptcy) threshold.

"I cannot make an announcement on this yet as it will be presented in this meeting," he said during Oral Question Time in Dewan Rakyat on Tuesday (Aug 4).

He was answering a supplementary question by Hannah Yeoh (DAP-Segambut) on whether the government would raise the bankruptcy threshold in light of the Covid-19 pandemic.

The bankruptcy threshold was last increased from RM30,000 to RM50,000 in a 2017 amendment.

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