142,510 Bankruptcy In Malaysia Cases Given Discharge

PUTRAJAYA (Malaysia), July 25 (Bernama) -- The government has succeeded in surpassing the bankruptcy release target with a total of 142,510 cases through the Second Chance Policy, compared to the initial target of 130,000 cases, Malaysia’s Prime Minister Anwar Ibrahim said.

He said this policy is one of the initiatives under the Prinsip Rukun Ihsan (Principle of Compassion) to implement of the law to the people in need.

"Sometimes these bankruptcies are due to economic situations, as in the case of COVID-19 where the level of the economy affects their economic conditions... there are also mistakes made by them, especially the traders.

"But our responsibility is to stimulate the economy and also give them opportunities. This is our initial step to make Malaysia a competitive and developed country," he said in the opening speech of the 100-year and New Direction celebration of the Malaysian Department of Insolvency (Mdl) in Putrajaya Thursday.

The Second Chance Policy was announced by Anwar during the Budget 2024 presentation.

The policy is extended to bankrupts to provide them the opportunity to return to contribute to the national economy and live a new life.

It aims to release as many as 130,000 people who were declared bankrupt up to a period of one year after Act A 1695 came into force.
--BERNAMA