Lim: Review Act so that bankrupts get second chance (16 January 2012)

PETALING JAYA: The Bankruptcy Act 1967 needs to be reviewed to allow bankrupts to apply to be discharged from bankruptcy after three years and reduce the red tape involved in the clearance process.

Deputy Finance Minister Datuk Donald Lim said it was time for the Government to review the Act to encourage young entrepreneurs and more women to start their own bu­sinesses and give another chance to those who had failed in their business ventures.

“Bankrupts should be able to apply to be released or even automatically released in three years like in other countries instead of going through procedures that could cause unnecessary hardships,” he said.

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