Plans to ease the burden

Help on the horizon: A total of 3,604 individuals were declared bankrupt between January and July this year. Proposed amendments to the insolvency laws will give bankrupts a helping hand.

PETALING JAYA: Insolvency laws will be amended soon to give bankrupts some leeway to get back on their feet, says Datuk Seri Dr Wan Junaidi Tuanku Jaafar.

This comes following plans by the government to modernise the nation’s ‘colonial era’ insolvency laws so that affected individuals including small and medium enterprises (SMEs) avoid being stuck in debt, said the Minister in the Prime Minister’s Department (Law and Parliament).