KOTA TINGGI: A national convention will be held in the first quarter of next year to refine the implementation of the Second Chance Policy for bankrupt companies.
Minister in the Prime Minister’s Department (Law and Institutional Reform), Datuk Seri Azalina Othman Said, said that the convention will involve the Malaysian Department of Insolvency and relevant stakeholders to discuss the need to expand the policy and propose necessary amendments to related laws.
“After the national-level convention, we will hold similar events at the state level. It remains to be seen whether we’ll focus on legal amendments to assist or strengthen the support structure,” she added, Bernama reported
Azalina spoke to reporters after yesterday’s MyLesen B2 programme and the Pengerang Youth Sports Equipment Contribution ceremony in Bandar Penawar.
This initiative aligns with Prime Minister Datuk Seri Anwar Ibrahim’s recent announcement to expand the Second Chance Policy to bankrupt companies, as outlined in Budget 2025.
Anwar noted during the budget’s tabling that the policy has helped over 170,000 bankrupt individuals rebuild their lives and added that it would now extend to bankrupt companies.
