Insolvency law amended, bankruptcy threshold now RM100,000

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De facto law minister Takiyuddin Hassan tables the bill to amend the insolvency law in Parliament. (Bernama pic)KUALA LUMPUR: 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. Minister in the Prime Minister’s Department Takiyuddin Hassan, when tabling the bill, said Act 360 was amended based on certain requirements, including transforming the existing legal framework into legislation that is more relevant to current needs. He said that it was also to update the Act to be in line with the development and advancement of international law on insolvency, corporate governance and best practices in insolvency. “(In addition), to prepare the country to face any outbreak in the future or any disaster which may cause an economic crisis,” he said when tabling the Bill for its second reading …