The Second Chance Policy on bankruptcy by the Madani government will be extended to individuals aged 40 and below who have debts not exceeding RM200,000, as part of the government’s commitment to safeguard the welfare of its citizens. Prime Minister Datuk Seri Anwar Ibrahim announced that nearly 14,000 cases with small debts below RM50,000 have already been discharged from bankruptcy as of July this year. He added that the implementation of the Second Chance Policy through the Insolvency (Amendment) Act 2023 has automatically exempted current and past cases meeting the specified requirements from being declared bankrupt. Anwar made this announcement while presenting Budget 2024 in the Dewan Rakyat on Friday (Oct 13).
In order to ensure fairness for the underprivileged, the government will enhance the functions of the Legal Aid Department. Additionally, an additional allocation of RM10 million will be provided under the National Trust Fund for Malaysians abroad. According to Anwar, this measure aims to protect Malaysians who have fallen victims to job scams and other welfare-related issues overseas.
“This is to protect Malaysians who are victims of job scams and other welfare-related cases abroad,” he said. – Bernama
