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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Can u pls clafy the new bill which mentions senior citizens that are granted discharge. This was mentioned by the minister as well. Rgds
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.
Pls check when you peruse the Hansard. Thank you
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.
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
Is this covered for Guarantor?
Senior citizen should be discharge automatically after 5 years for old case.
1) I am currently a guarantor under car loan for my boyfriend. Due to some financial issues, he couldn’t afford to pay monthly installment for his car and hence his car was being towed and sold off under car lelong by the creditor (financing bank). So under the new BC laws, i wont be liable and won’t risk to be made bankruptcy right?
2) I had credit cards debt with limit up to $4k + $3k temporary. I am unable to pay up the whole lump sum and the interest had since accumulated up to $9k. I find it us unfair with the interest charges and refused to pay up. Is it possible for the banj to sue me or declare BC to me?
Hi, I was a sitting Director of a company that went closed down, and the main share holder (deceased just Feb 2017) and the other 2 Director had escaped for some kind of reason. I came forward to MDI as I do not want my status as a PR of this country be jeopardise.
I have somehow made a agreement for repayment and I am proud to say that my payment is up to date. MDI is fully aware of this. its been almost 4years now and I am asking for settlement as my 5 years repayment of 20% out of the total settlement of my share to be repaid is made.
My Question is, since the main Culprit, the deceased shareholder is no more in the picture, and I as the only solely person that came forward for settlement of my part, Can MDI actually take this into consideration to release me?
I, 100% feel it was really not fair for me.
What can I really do for my side. I really want to end this and be free again.
Margarette