A bill to amend the Insolvency Act, to raise the minimum debt threshold for bankruptcy to RM100,000, was today tabled for its first reading in the Dewan Rakyat.
At present, the threshold is RM50,000.
“Clause 2(a) seeks to amend Paragraph 5(1)(a) of Act 360 to increase the minimum debt threshold for the presentation of the said threshold and for the presentation of a bankruptcy petition from RM50,000 to RM100,000,” said the bill.
The amendment will not result in additional financial implications for the government.
Law Minister Takiyuddin Hassan, who tabled the bill, said its second and third readings will be done in the current Parliament session. – TMI