Malaysia legislation
Section 2
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.”.
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