Is AKTA INSOLVENSI (PINDAAN) 2020 still in force?

Yes — AKTA INSOLVENSI (PINDAAN) 2020 is currently in force.

When did AKTA INSOLVENSI (PINDAAN) 2020 take effect?

AKTA INSOLVENSI (PINDAAN) 2020 was first recorded in 2020.

How many sections does AKTA INSOLVENSI (PINDAAN) 2020 have?

AKTA INSOLVENSI (PINDAAN) 2020 contains 3 sections.

Where can I read the official version of AKTA INSOLVENSI (PINDAAN) 2020?

The official text of AKTA INSOLVENSI (PINDAAN) 2020 is published at lom.agc.gov.my.

/akn/my/act/amendment_act/2020/A1624

INSOLVENCY (AMENDMENT) ACT 2020

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Type: Amendment Act
Status: In force
Enacted: 2020
Sections: 3
Languages: MS · EN

Quick answer

About this amendment act

INSOLVENCY (AMENDMENT) ACT 2020 is Malaysia Amendment Act, cited as Amendment Act A1624 2020, currently marked in force and first recorded in 2020.

Opening note

Preamble

An Act to amend the Insolvency Act 1967. [ ] ENACTED by the Parliament of Malaysia as follows: Short title and commencement

Section 1

(2)

This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette.

Amendment of section 5

Section 2

The Insolvency Act 1967 [Act 360], which is referred to as the “principal Act” in this Act, is amended in section 5—

(a)

in paragraph (1)(a), by substituting for the words “fifty thousand ringgit” the words “one hundred thousand ringgit”; and

INSOLVENCY (AMENDMENT) ACT 2020

(b)

by inserting after subsection (1) the following subsections:

“(1a) The Minister may, after consultation with the Minister of Finance, by order published in the

Gazette, amend the amount of debt in paragraph (1)(a)

for the presentation of a bankruptcy petition for a specific time period, if the Minister is satisfied that there are special circumstances and that it would not be contrary to public interest, to do so.

(1b)

Where an order to amend the amount of debt for the presentation of a bankruptcy petition in subsection (1a) ceases or expires—

(a)

any bankruptcy petition, presented by a petitioning creditor against a debtor which is still pending immediately before the order in subsection (1a) ceases or expires, shall be continued or concluded in accordance with the amount of debt as amended by the order in subsection (1a); and

(b)

any bankruptcy petition, presented by a petitioning creditor against a debtor after the order in subsection (1a) ceases or expires, shall be continued or concluded in accordance with the amount of debt as specified in paragraph (1)(a).

(1c)

The order made under subsection (1a) shall be laid before the Dewan Rakyat as soon as practicable after its publication in the Gazette.”.

Saving

Section 3

Any bankruptcy petition presented by the petitioning creditor against a debtor before the coming into operation of this Act with the amount of debt owing by the debtor to the creditor that fulfils the requirement in paragraph 5(1)(a) of the principal Act, which is still pending immediately before the coming into operation of this Act, shall be continued or concluded under the principal Act as if the principal Act had not been amended by this Act.

Common questions

What is AKTA INSOLVENSI (PINDAAN) 2020?: INSOLVENCY (AMENDMENT) ACT 2020 is Malaysia Amendment Act, cited as Amendment Act A1624 2020, currently marked in force and first recorded in 2020.
Is AKTA INSOLVENSI (PINDAAN) 2020 still in force?: Yes — AKTA INSOLVENSI (PINDAAN) 2020 is currently in force.
When did AKTA INSOLVENSI (PINDAAN) 2020 take effect?: AKTA INSOLVENSI (PINDAAN) 2020 was first recorded in 2020.
How many sections does AKTA INSOLVENSI (PINDAAN) 2020 have?: AKTA INSOLVENSI (PINDAAN) 2020 contains 3 sections.
Where can I read the official version of AKTA INSOLVENSI (PINDAAN) 2020?: The official text of AKTA INSOLVENSI (PINDAAN) 2020 is published at lom.agc.gov.my.