Bankruptcy Act Malaysia Latest

Preliminary short title.

Bankruptcy act malaysia latest. The new bankruptcy amendment act 2017 which came into force on 6th october 2017 has renamed the existing bankruptcy act 1967 as the insolvency act 1967. The new act will bring about significant changes to the law and along with these possible uncertain ramifications. Minister in the prime minister s department datuk seri azalina othman said had introduced an amendment to the bankruptcy bill 1967 in hopes to reduce the bankruptcy rates in malaysia. Takiyuddin said that now the government has again tabled proposals to amend section 5 of act 360 to raise the minimum bankruptcy threshold from rm50 000 to rm100 000 and thus make the act more responsive and comprehensive towards the requirements and current issues regarding insolvency.

As such datuk seri azalina othman proposed various amendments to the existing bankruptcy act 1967 ba 1967 which was approved by parliament this year. To avoid confusion the ba 1967 is now known as the insolvency act 1967 ia 1967 and these changes were made using the bankruptcy amendment act 2017 baa 2017. Malaysia currency ringgit act 1975 act 160 bankruptcy amendment act 1976 act a364 subordinate courts amendment act 1987 act a671. Key changes to note include among others.

The bankruptcy act 1967 will now be referred to as the insolvency act 1967. The bankruptcy act 1967 in its current form 1 january 2006 consists of 8 parts containing 139 sections and 3 schedules including 7 amendments. The act represents an overhaul of malaysia s bankruptcy legislation. By way of the gazette notification p u.

It has now been passed as the bankruptcy amendment act 2017 and received royal assent on 10 may 2017. The new bankruptcy amendment act will bring about significant changes to malaysia s bankruptcy laws. Bankruptcy 11 laws of malaysia act 360 bankruptcy act 1967 an act relating to the law of bankruptcy. 30 september 1967 be it enacted by the seri paduka baginda yang di pertuan agong with the advice and consent of the dewan negara and dewan rakyat in parliament assembled and by the authority of the same as follows.

116 laws of malaysia act360 and every power of attorney proxy paper writ order certificate affidavit bond or other instrument or writing relating solely to the property of any bankrupt or to any proceeding under any bankruptcy shall be exempt from stamp duty except in respect of fees under this act. This has prompted a new bill to be passed to help deal with the high number of bankrupts in the country.