Azalina: Amendments to Insolvency Act to improve bankruptcy administration system

PUTRAJAYA: The Insolvency Department is in the midst of drafting several amendments to the Insolvency Act 1967 (Act 360) to improve the bankruptcy administration system, including the adoption of amendments in previous bankruptcy cases.

Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said among the proposed amendments was the setting of time limits for the filing of proof of debt forms by creditors (Section 42 and Schedule C of Act 360) to avoid the issue of late filings, which could make it difficult to discharge bankrupt individuals.