Insolvency Act 2017 Malaysia
These are important rules setting out the procedure governing the bankruptcy court proceedings as well as proceedings after the bankruptcy order.
Insolvency act 2017 malaysia. This comes against a backdrop of rising bankruptcy cases especially for individuals under the age of 35. Minister in the prime minister s department datuk takiyuddin hassan when tabling the bill said act 360 was amended. The insolvency amendment bill 2020 aimed at amending the insolvency act 1967 act 360 was passed with a simple voice majority in the dewan rakyat.
Firstly there are the new insolvency rules 2017. 30 september 1967 be it enacted by the seri paduka baginda yang di pertuan agong with the advice and consent of the dewan negara and dewan rakyat in parliament assembled and by the authority of the same as follows. B 466 2017 dated 3 october 2017 these amendments will come into force on 6 october 2017.
Laws of malaysia act 360 insolvency act 1967 an act relating to the insolvency and bankruptcy of an individual and a firm and for connected matters. 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.
Kuala lumpur aug 25 the insolvency amendment bill 2020 aimed at amending the insolvency act 1967 act 360 has been passed with a simple voice majority in the dewan rakyat. Advertisement however the most important aspect of preventing bankruptcy truly lies in each individual s financial prudence when it comes to borrowing and repayments. By way of the gazette notification p u.
