PUTRAJAYA, Jul 25 — Prime Minister Datuk Seri Anwar Ibrahim said that his government is the first to discharge 142,510 bankruptcy cases.

This is following Putrajaya’s expansion of “second chance policy” which could automatically discharge those bankrupt under the age of 40 with debts no more than RM50,000.

“Since our independence until now, there has not been a government that could solve 142,500 bankruptcy cases.

“140,000 people were bankrupt, could not pay, but because of the government’s decision to amend (the law) and give space for the department to reassess and followed by more efficient actions of civil servants, especially in this department, they have been freed,” Anwar said at the Insolvency Department’s centenary, here today.

The second chance policy was implemented under the amendments to the Insolvency Act 1967 and announced by the Prime Minister last October.

It targeted discharging 130,000 bankrupts but has exceeded its target by over 8 per cent.

“140,000 families are now relieved,” Anwar said.

In July last year, only around 14,000 cases of bankruptcy with debts under RM50,000 have been discharged from bankruptcy.

https://www.malaymail.com/news/malaysia/2024/07/25/pm-anwar-claims-unprecedented-success-in-resolving-volume-of-bankruptcy-cases/144931