{"id":28689,"date":"2017-03-10T16:28:35","date_gmt":"2017-03-10T08:28:35","guid":{"rendered":"http:\/\/www.imoney.my\/articles\/?p=28689"},"modified":"2017-03-10T16:28:35","modified_gmt":"2017-03-10T08:28:35","slug":"fewer-malaysians-declare-bankrupt-new-amendments","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments","title":{"rendered":"Fewer Malaysians To Declare Bankrupt With New Amendments"},"content":{"rendered":"

The proposed amendments to the Bankruptcy Act 1967 will protect social guarantors, and likely result in fewer bankrupts in Malaysia if passed.<\/p>\n

According to the Minister in the Prime Minister\u2019s Department Datuk Seri Azalina Othman Said, there are a lot of social guarantors in Malaysia who were declared bankrupt due to the substitute service system currently in place.<\/p>\n

\u201cA bankruptcy study revealed that more people are liable to be declared bankrupt under this substitute service system.<\/p>\n

\u201cWe need to amend the law to give a chance to those who are served the bankruptcy notice to defend themselves,\u201d she said.<\/p>\n

The proposed amendments include shortening the period before a person can be discharged from bankruptcy from the current five years to three years, while those above 60 or suffering chronic diseases should be automatically discharged after a certain period.<\/p>\n

Another proposed change is raising the threshold of debt<\/a> before being declared bankrupt from RM30,000 to RM50,000.<\/p>\n

In Singapore the minimum threshold is set at S$15,000 (RM47,000), Thailand at THB1 million (RM124,000), Brunei at $10,000 (RM31,000), Australia at A$5,000 (RM16,000), Britain at \u00a35,000 (RM27,000) and United States at US$15,000 (RM69,000).<\/p>\n

According to Insolvency Department statistics for last year, 82,383 individuals have been declared bankrupt by the courts, of which 69.3% are male.<\/p>\n

Selangor recorded the highest number of cases (22,593), while Perlis has the lowest (354).<\/p>\n

The number of civil servants who declared bankrupt has also increased by 13.9% in 2016, compared to the year before.<\/p>\n

\u201cIn 2016, we recorded 3,276 bankrupt civil servants, compared to 1,093 in 2015 and 960 cases in 2014\u201d, she said.<\/p>\n

[Source<\/a>]<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The new amendments will see the number of bankruptcy cases reduced. <\/p>\n","protected":false},"author":9,"featured_media":26919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[242,216],"tags":[],"class_list":["post-28689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-management","category-news-updates"],"acf":[],"yoast_head":"\nFewer Malaysians To Declare Bankrupt With New Amendments<\/title>\n<meta name=\"description\" content=\"The proposed amendments to the Bankruptcy Act 1967 will see the number of bankruptcy cases in Malaysia reduced.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fewer Malaysians To Declare Bankrupt With New Amendments\" \/>\n<meta property=\"og:description\" content=\"The new amendments will see the number of bankruptcy cases reduced.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments\" \/>\n<meta property=\"og:site_name\" content=\"iMoney Malaysia\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-10T08:28:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2016\/11\/bankrupt-stock-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"799\" \/>\n\t<meta property=\"og:image:height\" content=\"421\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Iris Lee\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Iris Lee\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments\",\"url\":\"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments\",\"name\":\"Fewer Malaysians To Declare Bankrupt With New Amendments\",\"isPartOf\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments#primaryimage\"},\"thumbnailUrl\":\"\/articles\/wp-content\/uploads\/2016\/11\/bankrupt-stock-1.jpg\",\"datePublished\":\"2017-03-10T08:28:35+00:00\",\"dateModified\":\"2017-03-10T08:28:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/f86e2ec4d5692a05a39fb4cb52172a0e\"},\"description\":\"The proposed amendments to the Bankruptcy Act 1967 will see the number of bankruptcy cases in Malaysia reduced.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments#primaryimage\",\"url\":\"\/articles\/wp-content\/uploads\/2016\/11\/bankrupt-stock-1.jpg\",\"contentUrl\":\"\/articles\/wp-content\/uploads\/2016\/11\/bankrupt-stock-1.jpg\",\"width\":799,\"height\":421},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.imoney.my\/articles\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Money Management\",\"item\":\"https:\/\/www.imoney.my\/articles\/category\/money-management\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Debt Management\",\"item\":\"https:\/\/www.imoney.my\/articles\/category\/money-management\/debt-management\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Fewer Malaysians To Declare Bankrupt With New Amendments\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\",\"url\":\"https:\/\/www.imoney.my\/articles\/\",\"name\":\"iMoney Malaysia\",\"description\":\"Everything you need to know about improving your personal finances.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.imoney.my\/articles\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/f86e2ec4d5692a05a39fb4cb52172a0e\",\"name\":\"Iris Lee\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/89fc1c51fb24674b88dad0ab7c033d0f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/89fc1c51fb24674b88dad0ab7c033d0f?s=96&d=mm&r=g\",\"caption\":\"Iris Lee\"},\"description\":\"As the former group editor of iMoney, Lee enjoys writing about various topics on personal finance, including property and insurance. She believes that knowledge is the key to making intelligent financial decisions. She currently oversees brand communications for iMoney Group.\",\"url\":\"https:\/\/www.imoney.my\/articles\/author\/irislee\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Fewer Malaysians To Declare Bankrupt With New Amendments","description":"The proposed amendments to the Bankruptcy Act 1967 will see the number of bankruptcy cases in Malaysia reduced.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments","og_locale":"en_US","og_type":"article","og_title":"Fewer Malaysians To Declare Bankrupt With New Amendments","og_description":"The new amendments will see the number of bankruptcy cases reduced.","og_url":"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments","og_site_name":"iMoney Malaysia","article_published_time":"2017-03-10T08:28:35+00:00","og_image":[{"width":799,"height":421,"url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2016\/11\/bankrupt-stock-1.jpg","type":"image\/jpeg"}],"author":"Iris Lee","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Iris Lee","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments","url":"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments","name":"Fewer Malaysians To Declare Bankrupt With New Amendments","isPartOf":{"@id":"https:\/\/www.imoney.my\/articles\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments#primaryimage"},"image":{"@id":"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments#primaryimage"},"thumbnailUrl":"\/articles\/wp-content\/uploads\/2016\/11\/bankrupt-stock-1.jpg","datePublished":"2017-03-10T08:28:35+00:00","dateModified":"2017-03-10T08:28:35+00:00","author":{"@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/f86e2ec4d5692a05a39fb4cb52172a0e"},"description":"The proposed amendments to the Bankruptcy Act 1967 will see the number of bankruptcy cases in Malaysia reduced.","breadcrumb":{"@id":"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments#primaryimage","url":"\/articles\/wp-content\/uploads\/2016\/11\/bankrupt-stock-1.jpg","contentUrl":"\/articles\/wp-content\/uploads\/2016\/11\/bankrupt-stock-1.jpg","width":799,"height":421},{"@type":"BreadcrumbList","@id":"https:\/\/www.imoney.my\/articles\/fewer-malaysians-declare-bankrupt-new-amendments#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.imoney.my\/articles\/"},{"@type":"ListItem","position":2,"name":"Money Management","item":"https:\/\/www.imoney.my\/articles\/category\/money-management"},{"@type":"ListItem","position":3,"name":"Debt Management","item":"https:\/\/www.imoney.my\/articles\/category\/money-management\/debt-management"},{"@type":"ListItem","position":4,"name":"Fewer Malaysians To Declare Bankrupt With New Amendments"}]},{"@type":"WebSite","@id":"https:\/\/www.imoney.my\/articles\/#website","url":"https:\/\/www.imoney.my\/articles\/","name":"iMoney Malaysia","description":"Everything you need to know about improving your personal finances.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.imoney.my\/articles\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/f86e2ec4d5692a05a39fb4cb52172a0e","name":"Iris Lee","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/89fc1c51fb24674b88dad0ab7c033d0f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/89fc1c51fb24674b88dad0ab7c033d0f?s=96&d=mm&r=g","caption":"Iris Lee"},"description":"As the former group editor of iMoney, Lee enjoys writing about various topics on personal finance, including property and insurance. She believes that knowledge is the key to making intelligent financial decisions. She currently oversees brand communications for iMoney Group.","url":"https:\/\/www.imoney.my\/articles\/author\/irislee"}]}},"_links":{"self":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/28689"}],"collection":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/comments?post=28689"}],"version-history":[{"count":1,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/28689\/revisions"}],"predecessor-version":[{"id":28690,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/28689\/revisions\/28690"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media\/26919"}],"wp:attachment":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media?parent=28689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/categories?post=28689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/tags?post=28689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}