Fewer companies likely to go bust with higher debt threshold
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Title : Fewer companies likely to go bust with higher debt threshold
Category : Malaysians
Alexander Nanta Linggi says prime minister’s announcement will mean fewer companies are likely to be wound-up this year. (Bernama pic)PUTRAJAYA: The number of companies facing winding-up proceedings this year is expected to decrease after the indebtedness threshold was raised from RM10,000 to RM50,000, said domestic trade and consumer affairs minister Alexander Nanta Linggi.Nanta said that when the indebtedness threshold was set at RM10,000, the number of companies facing winding-up proceedings stood at 3,022 in 2018 and 3,545 in 2019.“With this amendment to increase the threshold to RM50,000, we believe we are helping companies from having to face bankruptcy charges,” he told the media in conjunction with the One-Year Malaysia Prihatin, here, today.Prime Minister Muhyiddin Yassin had announced yesterday that the indebtedness threshold has been raised from RM10,000 to RM50,000…
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