The Malaysia Madani government is planning to release 130,000 Malaysians from their bankruptcy status.
During the presentation of the Belanjawan 2023 initiative, Prime Minister and Finance Minister Dato’ Seri Anwar Ibrahim announced that the Insolvency Act 1967 will be amended so that bankruptcy cases can be discharged automatically.
While waiting for this amendment, small cases involving debts of RM50,000 or less will be released from bankruptcy immediately, should the conditions be met by March 1 (Wednesday).
Do stay tuned for more updates.
Also read: Budget 2023: RM40 Billion Worth Of Loans & Financing For Micro, Small & Medium Businesses
