PETALING JAYA: What is bankruptcy and what are the restrictions imposed on a person who has been declared a bankrupt?
The Insolvency Act 1967 was amended in 2020, to raise the bankruptcy threshold from RM50,000 to RM100,000. This was the second time the bankruptcy threshold was increased within a span of a few years, after it was raised from RM30,000 to RM50,000 in 2017.
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