KOTA TINGGI: A national convention will be held in the first quarter of next year to fine-tune the implementation of the Second Chance Policy for bankrupt companies.
Minister in the Prime Minister’s Department (Law and Institutional Reform), Datuk Seri Azalina Othman Said, stated the convention will involve the Malaysian Department of Insolvency and relevant stakeholders to discuss the need to expand the policy and propose necessary amendments to related laws.
“After the national-level convention, we will hold similar events at the state level. It remains to be seen whether we’ll focus on legal amendments to assist, or on the support structure,” she added.
Azalina was speaking to reporters after the MyLesen B2 programme and the Pengerang Youth Sports Equipment Contribution ceremony at a hotel in Bandar Penawar today.
This initiative aligns with the recent announcement by Prime Minister Datuk Seri Anwar Ibrahim to expand the Second Chance Policy to bankrupt companies, as outlined in the Budget 2025.
During the tabling of the budget, Anwar noted that the policy has helped over 170,000 bankrupt individuals rebuild their lives, and added that it will now be extended to bankrupt companies.
