#Budget2023: Bankrupt M'sians Who Owe Under RM50,000 Will Be Released Starting 1 March
With the passing of the amendment, the government aims to release 130,000 Malaysians from bankruptcy.
By May Vin Ang — 24 Feb 2023, 05:43 PM
Finance Minister Datuk Seri Anwar Ibrahim has announced that people who have been declared bankrupt will be given a second chance
"The government will amend the Insolvency Act 1967 so that bankruptcy cases can be released automatically in a short time," he said during the tabling of Budget 2023 today, 24 February.
"Pending the amendment, small cases that owe less than RM50,000 who meet the conditions will be released immediately starting 1 March."
With the passing of the amendment, the government aims to release 130,000 people from bankruptcy
"As of January, more than 260,000 bankruptcy cases have been recorded, and these cases involve the youth, and the majority of whom are Malays who have the potential to contribute to the national economy," said Anwar.
