Bankruptcy Amendment Bill Passed by Malaysia’s Lower House of Parliament

On 29 March 2017, it has been reported (see Bernama and the New Straits Times) that the Bankruptcy (Amendment) Bill 2016 has been passed by the Dewan Rakyat, being the lower house of Parliament of Malaysia. The changes to the law will not be in force just yet. The Bill will now be sent to the Dewan Negara and then subsequently receive Royal Assent. The coming into force of the new law will then be on a gazetted date.

In an earlier posting, I had written about the 10 upcoming changes to bankruptcy laws under this new Bill. Some of the significant changes include a higher threshold of RM50,000 for bankruptcy, a social guarantor can no longer be made bankrupt, added protection for other types of guarantors, stricter requirements for service of bankruptcy court papers, and improvements to the automatic discharge of bankruptcy.

I will update this posting once I have read the Parliamentary Hansard records to see if there were any changes to the Bill during the debates.

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7 thoughts on “Bankruptcy Amendment Bill Passed by Malaysia’s Lower House of Parliament

  1. Raassoc 1 April 2017 / 9:41 pm

    Can u pls clafy the new bill which mentions senior citizens that are granted discharge. This was mentioned by the minister as well. Rgds

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    • Lee Shih 3 April 2017 / 2:05 pm

      I am not aware of the amendment bill mentioning discharge of bankruptcy for senior citizens. It may have been mentioned as examples of the harshness of bankruptcy cases.

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  2. Raassoc 4 April 2017 / 7:19 pm

    Pls check when you peruse the Hansard. Thank you

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  3. Chris Hong 5 April 2017 / 5:03 pm

    I was told by MDI that the automatic discharge after three years only apply to new cases. I think that is unfair to those old cases. Please confirm. Thank you.

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  4. Raassoc 11 April 2017 / 1:28 pm

    The minister when the bill was at the first hearing told the press that 60 year olds will be automatically discharged. At the passage of the bill recently she mentioned again abt senior citizens getting a discharge. Can you pls confirm with your sources. Tq

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  5. spiderkumar 4 May 2017 / 3:47 pm

    Is this covered for Guarantor?

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  6. Lee boon wah 15 June 2017 / 6:24 pm

    Senior citizen should be discharge automatically after 5 years for old case.

    Like

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