KUALA LUMPUR, February 24 – The government aims to release 130,000 people from bankruptcy status after the amendment to the Insolvency Act 1967 was approved. The Prime Minister, Datuk Seri Anwar Ibrahim said, the act will be amended so that bankruptcy cases can be discharged automatically in a short time. He explained that while waiting for the amendment, small cases that have debts of less than RM50,000 and meet the conditions will be released immediately from March 1.
“People who are declared bankrupt deserve a second chance. As of January, more than 260,000 bankruptcy cases have been recorded. It also involves our children, the majority of whom are Malays who have the potential to contribute to the national economy,” said the Finance Minister when presenting the 2023 Budget in the Dewan Rakyat on Friday. In addition, according to him, for the prisoners, for the benefit and re-assimilation into society, they will continue to be given sufficient training through the Skill for Inmate program.
The Tambun Member of Parliament added that employers are also encouraged to employ prisoners including former inmates of the Henry Gurney School and the Department of Social Welfare’s (JKM) protection and rehabilitation institutions and are eligible for additional tax deductions. He explained that the Prison Agro Program for prisoners involved in agricultural activities carried out on the 70 hectares of prison land will continue to be strengthened with an allocation of RM10 million.
