KUALA LUMPUR: The government has decided to raise the bankruptcy threshold from RM100,000 to RM150,000 with effect from 2027, says Prime Minister Datuk Seri Anwar Ibrahim. Anwar, who is also Finance Minister, said the Madani government had helped more than 250,000 people free themselves from bankruptcy since 2023 through various initiatives.
Tabling the budget themed "Reaching for the Sky, Rooted in the Ground" in the Dewan Rakyat Friday (Oct 9), he announced that the Second Chance Policy would be expanded to cover primary caregivers of family members with disabilities, chronic illnesses and the elderly, as well as gig workers and those with irregular incomes.
He said automatic discharge under Section 33C of the Insolvency Act, which could be granted as early as three years, would also continue to be strengthened to expedite the release of bankrupt individuals who meet the requirements. - Bernama
