INTERACTIVE: A ‘second chance’ for bankrupts
By SHYAFIQ DZULKIFLI PETALING JAYA: Nearly 90,000 bankrupt individuals have been granted relief since the introduction of the Second Chance Policy. Deputy director-general of the Malaysian Department of Insolvency (MDI) Azwarnida Affandi said 87,088 individuals who had been declared bankrupt were granted a discharge since the policy came into effect in October last year. “It has provided relief to many individuals who would otherwise be vulnerable to bankruptcy due to small-scale debts,” she said in a recent interview. Azwarnida said the department was on track to meet the government’s target of discharging at least 130,000 individuals from bankruptcy by October this year. The Second Chance Policy was first announced on October 13 last year during the tabling of Budget 2024 by the Prime Minister. The policy is a government initiative designed to protect the welfare of individuals burdened by small-scale debts and to provide a pathway out of bankruptcy under specific conditio...
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