THE bankruptcy law of Malaysia is long overdue for a proper overhaul to make the rules fairer to bankrupts. Despite the amendments in 2017, the current law remains outdated and punitive.
The Barisan Nasional government had been promising to amend the law for many years but when change came in the form of the Bankruptcy Amendment Act 2017, it provided little or no relief to the nearly 300,000 bankrupts in the country. The reason for this is that the Barisan government was heavily influenced by the powerful banks, corporations and financial institutions.
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