Bankruptcy Act Malaysia 2017

Bankruptcy 11 laws of malaysia act 360 bankruptcy act 1967 an act relating to the law of bankruptcy.

Bankruptcy act malaysia 2017. Bankruptcy amendment 3 laws of malaysia act a1534 bankruptcy amendment act 2017 an act to amend the bankruptcy act 1967. The new bankruptcy amendment act 2017 which came into force on 6th october 2017 has renamed the existing bankruptcy act 1967 as the insolvency act 1967. 1 this act may be cited as the bankruptcy amendment act 2017. Short title and commencement 1.

B 466 2017 dated 3 october 2017 these amendments will come into force on 6 october 2017. 2 this act comes into operation on a date to be appointed by. In addition to that the individual must have defaulted in payment for a period of six months and resided in malaysia for at least one year. Minister in the prime minister s department datuk seri azalina othman said had introduced an amendment to the bankruptcy bill 1967 in hopes to reduce the bankruptcy rates in malaysia.

However it should be noted that bankruptcy proceedings can only take place if a person has committed an act of bankruptcy as provided in s 3 of the insolvency act 1967. Note see sections 4 and 5 of the bankruptcy amendment act 2017 act a1534. 14 laws of malaysia a ct 360 bankruptcy petition means a creditor s petition or a debtor s. Given this antiquated threshold the government saw fit to jack up the bar and as amended by the ia 1967 the amount needed for you to be declared a bankrupt now stands at a minimum of rm50 000.

By way of the gazette notification p u. The new act will bring about significant changes to the law and along with these possible uncertain ramifications. Enacted by the parliament of malaysia as follows. It has now been passed as the bankruptcy amendment act 2017 and received royal assent on 10 may 2017.

The new bankruptcy amendment act will bring about significant changes to malaysia s bankruptcy laws. Section 5 of the principal act is amended by substituting for the word thirty the word fifty. The bankruptcy amendment act 2017 comes into force on 6 october 2017. The act represents an overhaul of malaysia s bankruptcy legislation.

The bankruptcy act 1967 will now be referred to as the insolvency act 1967. 2 this act comes into operation on a date to be appointed by the minister by notification in the gazette and the minister may appoint different dates for the coming into operation of different provisions of this act. Section 12 a baa 2017. Preliminary short title.

2 substitution of long title cite. This has prompted a new bill to be passed to help deal with the high number of bankrupts in the country.