KUALA LUMPUR: The amendment to the Insolvency Act 1967 (Act 360) will see the minimum debt threshold for bankruptcy raised from the current limit of RM50,000 to RM100,000.
The bill to amend the Act was tabled for the first reading in the Dewan Rakyat today by Minister in Prime Minister's Department (Parliament and Law) Datuk Takiyuddin Hassan.
"Clause 2(a) seeks to amend paragraph 5(1)(a) of Act 360 to increase the minimum debt threshold for the presentation of a bankruptcy petitio, from RM50,000 to RM100,000.
"The Bill will not involve any extra financial expenditure for the government," the bill read.
According to Takiyuddin, the second and third reading of the bill will be completed during the current Dewan Rakyat sitting.