No relief from Bankruptcy Amendment Act

FOR many years, those individuals who have felt the rigours of Malaysia’s anachronistic bankruptcy laws that are overtly creditor friendly had hoped that these laws would be changed.

Over the past several years, they had been hopeful that the proposed amendments to the Bankruptcy Act 1967 would bring them some respite and afford them a second chance. These expectations were buoyed by the strong political rhetoric of Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said. She stated in April this year that the amendments were aimed at making the law more humane and this would slash the figure of 293,000 bankrupts down substantially (with more than 60% between the ages of 25 and 44).