Corporate Law

Government does not intend to amend Bankruptcy Act

Date: 04 April 2019; Type: Legal News; Source: Bernama

KUALA LUMPUR, Apr 4 (Bernama) - The government has no intention to amend the provisions under Section 60 (1) of the Bankruptcy Act (Amendment) 2017 (Act 1534).

Minister in the Prime Minister’s Department Datuk Liew Vui Keong said there are still provisions which can be used to assist a bankrupt to get out of bankruptcy, including obtaining a discharge certificate from the Director-General of Insolvency for cases under administration for five years or more, as stated in Section 33A of the Insolvency Act 1967.

“Bankrupts can also apply for a discharge (from bankruptcy) in court as stated in Sections 33 and 105 of the Insolvency Act 1967.

“Those who fall under the four categories, namely death, social guarantor, serious illness as verified by a government medical officer, and people with disabilities, can apply for a certificate of discharge as stipulated in Section 33B (2A) of the Insolvency Act 1067,” he said in response to a question from Wong Hon Wai (PH-Bukit Bendera) during the Minister’s Question Time at the Dewan Rakyat today.

Liew said eight amendments were made in the amendment to the Bankruptcy Act in 2017 that was enforced on Oct 6, 2017.

“Out of the eight amendments, only one came into effect retrospectively, that is Section 33B (2A) of the Insolvency Act 1967 (Act 360).

“The remaining amendments were prospective in nature, intended to balance the interests of both creditors and bankrupts. It also helps bankrupts to resolve their bankruptcy in the shortest possible period.

“For example, applying for an automatic discharge under Section 33C will open up a new avenue for a bankrupt to resolve his case in three years from the filing date of the Statement of Affairs.

“The prospective-oriented amendments also contained an implementation mechanism which is different from bankruptcy cases administered before the enforcement of the 2017 amendments. Therefore, the amendments made in 2017 cannot be enforced retrospectively, except for one provision mentioned earlier,” he added.

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