Azalina: Insolvency (Amendment) Act 2023 comes into force tomorrow

  • 📰 malaymail
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 86%

Law Law Headlines News

Law Law Latest News,Law Law Headlines

KUALA LUMPUR, Oct 5 ― The enforcement of Insolvency (Amendment) Act 2023 (A1695) will take effect from tomorrow, said Minister in Prime Minister’s Department (Law and...

Worried Najib and Rosmah may go off scot-free, civil societies call for moratorium on DNAA and acquittals until AG's dual roles split

“The enforcement of Act A1695 reflects the government’s commitment to ensure that no one is left out in the national development,” she said in a statement today. Azalina said that in line with the objectives of the second chance policy, the amendments to section 33C and subsection 33B of Act 360 are enforced retrospectively to bankruptcy cases administered before the enactment of Act A1695.

The inclusion of the two categories, namely individuals who cannot manage their personal affairs due to mental illness as defined in the Mental Health Act 2001 and those aged 70 and above, who, according to the Insolvency director-general’s discretion, are incapable of contributing to the bankruptcy administration.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in LAW

Law Law Latest News, Law Law Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Insolvency Act amendments to give bankrupts ‘second chance’ effective tomorrowLaw and institutional reform minister Azalina Othman Said says the amendments aim to discharge up to 130,000 bankrupts within one year.
Source: fmtoday - 🏆 5. / 72 Read more »