Hornbill Unleashed

March 7, 2017

SME Corp proposes ‘automatic discharge’ order under Bankruptcy Act

Filed under: Politics — Hornbill Unleashed @ 8:01 AM

Hafsah-HashimThe “automatic discharge” order, which will allow a bankrupt company to have a second chance at conducting business, is being proposed under an amendment to the Bankruptcy Act 1967 (Act 360).

SME Corporation Malaysia (SME Corp) chief executive officer Hafsah Hashim said the proposal would not only help propel the Malaysian economy but also give certain individuals an “opportunity to start a new lease of life”.

“In Malaysia, once you are declared bankrupt, you are doomed for life.

“These people, who are down and out, do not want to go on the same path again.

“”Therefore, they will aim higher when they come back. They’ll be more careful, cautious, innovative and creative,” she told reporters on the sidelines of the Malaysia Competition Conference 2017 here today, which was officiated by the Sultan of Perak Sultan Nazrin Shah today.

Minister in the Prime Minister Department Azalina Othman said the bill to amend the Bankruptcy Act 1967 (Act 360) will be the focus of debate during the current parliamentary sitting which began today.

She had said recently that the government was considering amending Act 360 to protect those who acted as guarantors, especially social guarantors, to borrowers who fail to repay the loan.

Hafsah said the “automatic discharge” order for the period of between one and three years was already implemented in countries such as Japan, the United Kingdom and Germany.

“So for us, if we want to become a developed nation, we must emulate what other developed nations have done in terms of best practices,” she added.


Source : @ Bernama


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3 Comments »

  1. 過払い金の請求だけでなく、ほとんどの任意整理の方法で悩むことがあったら、弁護士などの専門家に相談しましょう。貸金業者は一般人には対応してくれないこともありますが、法律家ならすぐに応じてくれることも多いです。悩んだときには遠慮なく専門家に協力を求めるのが、借金問題解決への第一歩となります。

    債務整理は、借金の減額などを通じて債務者を借金から立ち直らせるための方法です。すべての方法について理解した上で、専門家にも連絡しながらどの方法を使用するのが良いのかをよく判断してくださいね。

    Comment by 借金 — June 2, 2017 @ 12:41 AM | Reply

  2. Many bankrupt corporations were managed by people with no ethical and moral conscience and principles. They would rather owed others and had their companies winded up and start new companies. This proposal is absurd and may be motivated by race.

    Comment by Awaken Dayak — March 7, 2017 @ 3:00 PM | Reply

  3. UMNO-Najib and PAS Hadi Awang Agrees quietly with Zakir Naik Preaching that all Pastors needs to be taught a lesson for trying to speak to muslim. UMNO PAS Curi balak Orang Asli and Agong IS Melayu Islam agrees that Zakir Naik will be Protected by UTK and Police because he is a Valuable Bumiputera Muslim for MalaysiaL…..

    Comment by bumi non malay — March 7, 2017 @ 2:59 PM | Reply


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