New Bankruptcy Act law to be tabled in Parliament next year

The draft of the proposed new law replacing the Bankruptcy Act 1967 (Act 360) which gives a second chance to individuals who have been declared bankrupt, is now in the last phase of being finalised.

Minister in the Prime Minister's Department, Nancy Shukri said after the draft law is finalised, it will be tabled in Parliament next year.

"I am confident that, with the drafting of the bankruptcy law that takes into account a second chance especially for young people rather than continuing to make them a bankrupt, will be able to address the problem of bankruptcy in our country," she said.

She was speaking at the launch of the 'Forum Pendidikan Kewangan Bijak' organised by the Lawas Member of Parliament Datuk Henry Sum Agong and the Prime Minister's Office in Lawas, Limbang, Thursday.

Nancy said that individuals aged between 35 and 44 years were the highest among those bankrupt every year based on statistics from 2011 to August 2015.

"In that period, the number of bankrupts in this group were 33,536 of the overall 95,173 people bankrupt," she said.