KUALA LUMPUR: A review has been planned on whether to raise the bankruptcy threshold, says Prime Minister Datuk Seri Ismail Sabri Yaakob.
He said that the government is concerned about the existing number of bankruptcy cases especially among the youth and whether the figure will continue to rise.
"I will discuss it with the Minister in the Prime Minister's Department (Parliament and Law) in order to relook at the relevant laws,” said Ismail Sabri.
"I will also meet with the Governor of Bank Negara Malaysia to see what other action can be taken,” he said in his closing speech at the Barisan Nasional Youth Job Fair 2022 on Sunday (June 26).
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The government in 2020 had amended the Insolvency Act to increase the bankruptcy threshold from RM50,000 to RM100,000.
The increase of the threshold was aimed at strengthening the economy while allowing individuals to better manage their finances during these uncertain times brought by Covid-19 pandemic.
Earlier, Barisan Youth chief Datuk Asyraf Wajdi Dusuki in his speech had asked whether the government was prepared to review the bankruptcy threshold.