{"id":30637,"date":"2017-07-25T09:59:39","date_gmt":"2017-07-25T01:59:39","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=30637"},"modified":"2018-08-24T00:12:13","modified_gmt":"2018-08-23T16:12:13","slug":"new-insolvency-act","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/new-insolvency-act","title":{"rendered":"What Does The New Insolvency Act Mean To Malaysians?"},"content":{"rendered":"<p>No one sets out\u00a0to be bankrupt when they take on a loan. Neither will they\u00a0default on their payments without a good reason. There are many\u00a0reasons for falling into debt but so many don\u2019t realise the consequences of it. Being declared a bankrupt is not a small matter, and neither is it easy nor simple to remedy.<\/p>\n<p>Yet the sad fact remains that the number of bankrupts <a href=\"http:\/\/www.malaysiandigest.com\/frontpage\/29-4-tile\/666519-with-over-290-000-cases-s-gor-officially-the-state-with-the-highest-number-of-bankruptcy-in-malaysia.html\" target=\"_blank\" rel=\"nofollow\">have been on the rise<\/a> in recent years. Actions must\u00a0be taken, not just prudence by borrowers but also new policies and laws must be drawn to control the number of bankrupts in the country.<\/p>\n<p>This has prompted a new bill to be passed to help deal with the high number of bankrupts in the country. Minister in the Prime Minister\u2019s Department Datuk Seri Azalina Othman Said had introduced an amendment to the Bankruptcy Bill 1967 in hopes to reduce the bankruptcy rates in Malaysia.<\/p>\n<p>However, the most important aspect of preventing bankruptcy truly lies in each individual&#8217;s financial prudence when it comes to borrowing and repayments. It all boils down to understanding the difference between <a href=\"https:\/\/www.imoney.my\/articles\/what-is-true-affordability\" target=\"_blank\">eligibility and affordability<\/a>.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How far are you from being declared bankrupt?<\/p>\n","protected":false},"author":38,"featured_media":30639,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[242,31,218],"tags":[],"class_list":["post-30637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-management","category-infographic","category-money-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>An Overview Of The New Insolvency Act In Malaysia<\/title>\n<meta name=\"description\" content=\"Bankruptcy is currently on the rise in Malaysia. Here are the facts and what you need to know on the latest bill and how it impacts you.\" \/>\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\/new-insolvency-act\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Does The New Insolvency Act Mean To Malaysians?\" \/>\n<meta property=\"og:description\" content=\"How far are you from being declared bankrupt?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imoney.my\/articles\/new-insolvency-act\" \/>\n<meta property=\"og:site_name\" content=\"iMoney Malaysia\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-25T01:59:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-08-23T16:12:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2017\/07\/bankruptcy.png\" \/>\n\t<meta property=\"og:image:width\" content=\"200\" \/>\n\t<meta property=\"og:image:height\" content=\"270\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Michelle Brohier\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michelle Brohier\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/new-insolvency-act#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/new-insolvency-act\"},\"author\":{\"name\":\"Michelle Brohier\",\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/#\\\/schema\\\/person\\\/a7bb328394e696a38cd91a2366b57de5\"},\"headline\":\"What Does The New Insolvency Act Mean To Malaysians?\",\"datePublished\":\"2017-07-25T01:59:39+00:00\",\"dateModified\":\"2018-08-23T16:12:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/new-insolvency-act\"},\"wordCount\":199,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/new-insolvency-act#primaryimage\"},\"thumbnailUrl\":\"\\\/articles\\\/wp-content\\\/uploads\\\/2017\\\/07\\\/bankruptcy.png\",\"articleSection\":[\"Debt Management\",\"Infographic\",\"Money Management\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.imoney.my\\\/articles\\\/new-insolvency-act#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/new-insolvency-act\",\"url\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/new-insolvency-act\",\"name\":\"An Overview Of The New Insolvency Act In Malaysia\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/new-insolvency-act#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/new-insolvency-act#primaryimage\"},\"thumbnailUrl\":\"\\\/articles\\\/wp-content\\\/uploads\\\/2017\\\/07\\\/bankruptcy.png\",\"datePublished\":\"2017-07-25T01:59:39+00:00\",\"dateModified\":\"2018-08-23T16:12:13+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/#\\\/schema\\\/person\\\/a7bb328394e696a38cd91a2366b57de5\"},\"description\":\"Bankruptcy is currently on the rise in Malaysia. 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