Bankruptcy Act 2017 Malaysia

Debtors can now participate in a voluntary scheme of arrangement to settle their.

Bankruptcy act 2017 malaysia. 19 november 2016. Key changes to note include among others. 14 laws of malaysia act 360 bankruptcy petition means a creditor s petition or a debtor s. 2 this act comes into operation on a date to be appointed by.

What you need to know about of bankruptcy processes in malaysia. During the announcement of the 2017 budget the prime minister said that the bankruptcy act 1967 would be amended in 2017. 2 this act comes into operation on a date to be appointed by the minister by notification in the gazette and the minister may appoint different dates for the coming into operation of different provisions of this act. B 466 2017 dated 3 october 2017 these amendments will come into force on 6 october 2017.

1 this act may be cited as the bankruptcy amendment act 2017. 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. Preliminary short title. Malaysia changes to bankruptcy act easier to get out of bankruptcy.

Enacted by the parliament of malaysia as follows. Being made a bankrupt is a major hassle and interruption to your life. By way of the gazette notification p u. The new bankruptcy amendment act will bring about significant changes to malaysia s bankruptcy laws.

The bankruptcy amendment act 2017 comes into force on 6 october 2017. Legal news analysis asia pacific malaysia insolvency restructuring. You can read about the amendments here. Note see sections 4 and 5 of the bankruptcy amendment act 2017 act a1534.

To understand the amendments you have to read the bankruptcy act 1967 alongside the bankruptcy amendment act 2017. Bankruptcy 11 laws of malaysia act 360 bankruptcy act 1967 an act relating to the law of bankruptcy. Before we dive into all the questions and answers the bankruptcy act 1967 was recently amended and is now known as the insolvency act 1967 ia 1967. Bankruptcy amendment 3 laws of malaysia act a1534 bankruptcy amendment act 2017 an act to amend the bankruptcy act 1967.

1 this act may be cited as the bankruptcy amendment act 2017. The bankruptcy act 1967 will now be referred to as the insolvency act 1967. Short title and commencement 1. Generally the incident of bankruptcy.

Educate yourself about it and you will appreciate the importance being on top of your finances at all times. 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 to make it clearer we will look at the old law ba 1967 followed by the new law ia 1967 after the baa amendments.