New law to replace Bankruptcy Act in the final stage
Published on: Wednesday, October 22, 2014
KUALA LUMPUR: The formulation of the new Act to replace the Bankruptcy Act 1967 (Act 360) is now at the final stage, said Minister in the Prime Minister's Department Nancy Shukri.Nancy said the new Act, to protect social guarantors, was being fine-tuned to ensure any existing weaknesses could be corrected."Through this new Act, the Government does not want creditors, namely bank institutions, to chase after the borrowers before recovering loans from them," she told reporters after the Kuala Lumpur Federal Territory level 'Memperkasa Informasi Generasi Muda' 2014 programme, here, Tuesday.
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She said a total of 17,650 bankruptcy cases were recorded up to September this year compared to 21,987 cases for the whole of last year.Stay up-to-date by following Daily Express’s Telegram channel.
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