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Insolvency 13 laws of malaysia act 360 insolvency act 1967 an act relating to the insolvency and bankruptcy of an individual and a firm and for connected matters.
Insolvency act 1967 malaysia. Key amendments include the following minimum threshold for bankruptcy proceedings increased. Bill proposing amendments to insolvency act tabled for first reading in parliament. 30 september 1967 be it enacted by the seri paduka baginda yang di pertuan agong with the advice and consent of the dewan negara and. The threshold for commencing bankruptcy proceedings is rm50 000 15.
Preliminary short title and application 1. Percetakan nasional malaysia berhad for the purposes of section 61 of the interpretation acts 1948 and 1967 act 388. The new bankruptcy amendment act 2017 which came into force on 6th october 2017 has renamed the existing bankruptcy act 1967 as the insolvency act 1967. Malaysia new insolvency act 1967.
Legislation from this website is not a copy of the gazette printed by the government printer percetakan nasional malaysia berhad for the purposes of section 61 of the interpretation acts 1948 and 1967 act 388 and does not constitute prima facie evidence of the contents of the gazette by virtue of the section. Laws of malaysia act 360 bankruptcy act 1967 an act relating to the law of bankruptcy. The insolvency amendment bill 2020 aimed at amending the insolvency act 1967 act 360 was passed with a simple voice majority in the dewan rakyat. Insolvency act 1967 act 360 table of contents.
Kuala lumpur aug 25 the insolvency amendment bill 2020 aimed at amending the insolvency act 1967 act 360 has been passed with a simple voice majority in the dewan rakyat. The new act will bring about significant changes to the law and along with these possible uncertain ramifications. Bankruptcy proceedings only apply to individual debtors who are unable to pay a judgment debt and are governed by the insolvency act 1967 14. Part viii cite supplemental provisions application of act.
Minister in the prime minister s department datuk takiyuddin hassan when tabling the bill said act 360 was amended.
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