7,200 Sabahans no longer bankrupt
Published on: Thursday, September 12, 2024
By: Sherell Jeffrey
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Kulasegaran’s working visit to the Insolvency Office here included meetings with Insolvency Director-General Datuk M Bakri, Sabah Insolvency Director Stephanie Sherron Abbie and Sabah Law Society President Mohamed Nazim Maduarin.
Kota Kinabalu: The Madani Government’s “Second Chance Policy” exceeded expectations in Sabah with over 7,200 bankrupts discharged since 2023, according to Deputy Minister in the Minister’s Department (Law and Institutional Reform) M. Kulasegaran.
He said the national target of discharging 130,000 bankrupts by year-end was surpassed in July, with over 142,000 individuals released from bankruptcy.
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“The ‘Second Chance Policy’, introduced last year aims to release bankrupts with small-scale debts below RM50,000.
“It is part of the Government’s efforts to provide financial relief and new opportunities for individuals burdened by bankruptcy.
“In Sabah alone, 7,271 bankrupts have been discharged since 2023 across Sabah’s three insolvency offices,” he said in a statement following his visit to the Department of Insolvency office, here, on Tuesday,
Kota Kinabalu recorded the highest with a total of 2,053 discharges in 2023, followed by Tawau (295) and Sandakan (228).
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For 2024 to August, the figures are 3,210 discharges in Kota Kinabalu, followed by Tawau with 865 and Sandakan 620.
Kulasegaran’s working visit to the Insolvency Office here included meetings with Insolvency Director-General Datuk M Bakri, Sabah Insolvency Director Stephanie Sherron Abbie and Sabah Law Society President Mohamed Nazim Maduarin.
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“These visits are crucial for engaging with stakeholders, addressing emerging issues and improving the delivery of insolvency services to the people,” Kulasegaran said, pointing out the Government’s commitment to continuing such visits to the Department of Insolvency branches nationwide.
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