Bankruptcy Act 2017 Malaysia

Short title and commencement 1.

Bankruptcy act 2017 malaysia. 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. The act represents an overhaul of malaysia s bankruptcy legislation. Enacted by the parliament of malaysia as follows. The new bankruptcy amendment act will bring about significant changes to malaysia s bankruptcy laws.

Key changes to note include among others. It has now been passed as the bankruptcy amendment act 2017 and received royal assent on 10 may 2017. 1 this act may be cited as the bankruptcy amendment act 2017. The baa 2017 has just came into force on 06 october 2017 and the insolvency department is now working towards releasing 50 000 bankrupts from bankruptcy.

Bankruptcy amendment 3 laws of malaysia act a1534 bankruptcy amendment act 2017 an act to amend the bankruptcy act 1967. The new act will bring about significant changes to the law and along with these possible uncertain ramifications. How do these changes make it harder someone to become a bankrupt. Available act of bankruptcy means any act of bankruptcy available for a bankruptcy petition at the date of the presentation of the petition on which the bankruptcy order is made.

2 this act comes into operation on a date to be appointed by. By way of the gazette notification p u. This has prompted a new bill to be passed to help deal with the high number of bankrupts in the country. Note see sections 4 and 5 of the bankruptcy amendment act 2017 act a1534.

B 466 2017 dated 3 october 2017 these amendments will come into force on 6 october 2017. This amount was raised from the previous rm50 000 in the bankruptcy amendment act 2017. What if you are declared bankrupt. Introduction 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.

A bankruptcy proceeding can only be taken if the amount owing is at least rm100 000 or if you have committed an act of bankruptcy. All technicalities aside let us get to the meat of the issue. After receiving royal assent on 10 may 2017 the bankruptcy amendment act 2017 came into force in malaysia on 6 october 2017 i. Only the court of law can declare you a bankrupt in a bankruptcy proceeding.

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. February 7 2018 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. 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. The new act will bring about significant changes to the law and along with these possible uncertain ramifications.