INTERACTIVE: Second chance to climb out of debt
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By SHYAFIQ DZULKIFLI PUTRAJAYA: A total of 68,566 bankrupt cases have been granted relief as of May, according to the Malaysian Department of Insolvency (MDI). That is more than 50% of the targeted 130,000 bankrupt individuals to be discharged through the Second Chance Policy initiative as mentioned by the Prime Minister in the 2024 Budget last year. “In 2022, only 9,812 cases were absolved and the number soared to 50,419 last year,” MDI deputy director general Azwarnida Affandi said in an interview with The Star. "This year, the number of bankruptcy cases resolved has already surpassed last year's figure, even though we haven't reached the halfway point of the year yet," she said. The recent Insolvency (Amendment) Act 2023 (A1695) has brought about positive changes in reducing the number of bankruptcy cases. There has been a significant increase in the discharge of bankruptcy cases this year under Section 33A Act 360 which involves th