{"id":26916,"date":"2016-11-11T12:19:53","date_gmt":"2016-11-11T04:19:53","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=26916"},"modified":"2016-11-11T12:19:53","modified_gmt":"2016-11-11T04:19:53","slug":"putrajaya-moots-escape-clause-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/putrajaya-moots-escape-clause-for-bankruptcy","title":{"rendered":"Putrajaya Moots \u2018Escape Clause\u2019 For Bankruptcy"},"content":{"rendered":"

Putrajaya is proposing a move to help Malaysians saddled with debt to avoid being declared bankrupt, reports The Star<\/em>.<\/p>\n

Minister in the Prime Minister\u2019s Department Datuk Seri Azalina Othman said such an option would be introduced in the bill to amend the Bankruptcy Act 1967.<\/p>\n

\u201cWe want to create a special mechanism whereby if you have a lot of debt, you can volunteer yourself for this option to find a settlement using whatever income you have,\u201d said Azalina, who is also the de facto law minister.<\/p>\n

Describing it as a realistic approach to dealing with bankruptcy, she said the bill might be tabled during the current Dewan Rakyat meeting and be read a second time during the meeting in March next year.<\/p>\n

\u201cThe bill will offer an \u2018escape clause\u2019 for debtors. We know creditors are upset because they are owed money but let\u2019s be reasonable,\u201d she said.<\/p>\n

\u201cIf a guy can\u2019t afford to pay up, we should find the best alternative to enable the repayment.\u201d<\/p>\n

The proposal comes amid rising household debt with Bank Negara Malaysia revealing that the country\u2019s household debt stood at RM1.03 trillion or 89.1% of the GDP, making it one of the highest in the region<\/a>.<\/p>\n

[Source]<\/em><\/a><\/p>\n

Image from Aero Club.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

The government is proposing an escape clause for Malaysians on the brink of bankruptcy.<\/p>\n","protected":false},"author":29,"featured_media":26919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[242,216],"tags":[],"class_list":["post-26916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-management","category-news-updates"],"acf":[],"yoast_head":"\nPutrajaya Moots \u2018Escape Clause\u2019 For Bankruptcy<\/title>\n<meta name=\"description\" content=\"The government is proposing an escape clause for Malaysians on the brink of bankruptcy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/putrajaya-moots-escape-clause-for-bankruptcy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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