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...
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“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.
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