THE government will amend the Insolvency Act 1967 so that bankruptcy cases can be released automatically in a short time, said Prime Minister Anwar Ibrahim.

He said those declared bankrupt are entitled to a second chance.

“Pending the amendment, small cases that owe less than RM50,000 who meet the conditions will be released immediately starting March 1.

“The government aims to release 130,000 people from bankruptcy with the passing of the amendment,” said the finance minister during the re-tabling of Budget 2023 today.

He noted that as of January this year, more than 260,000 bankruptcy cases have been recorded.

“These cases involve the youth, the majority of whom are Malays who have the potential to contribute to the national economy,” said the prime minister. –  February 24, 2023.