The new Bankruptcy Amendment Act 2017 has received Royal Assent on 10 May. The amendments will come into force once the Minister gazettes the effective date. In an earlier post, I have highlighted the 10 major changes we will see under these bankruptcy amendments.
As at early May 2017, it was reported that there are around 292,000 Malaysians declared bankrupt. How will the new bankruptcy law affect these existing individuals and will it make it easier for them to achieve a discharge of bankruptcy? I analyse the new law and explain why the amendments may have limited effect on existing bankruptcy cases.