KOTA KINABALU: Individuals who have been declared bankrupt should seek advice from the Department of Insolvency to resolve their problems, said Minister in the Prime Minister’s Department Nancy Shukri.
“Being declared a bankrupt, does not mean the end of everything because there is still a way out that they can work on,” she added.
She told this to reporters after visiting the office of the Commercial Vehicle Licensing Board (CVLB) at the Sabah Urban Transformation Centre (UTC) here Friday.
On the formulation of a new law to replace the Bankruptcy Act 1967, she said the draft of the proposed law was ready and in the last phase of being finalised.
She said it would be the law would be tabled in parliament next year.
“The proposed new law is ready, but there are a number of stakeholders that have to be consulted before it can be tabled,” she said, adding that the proposed new law would also protect individuals who stood as guarantors for the debtors.
She said efforts would be made by the government to assist the social guarantors, like in housing loan, study loan and vehicle loan, from becoming victims of borrowers who failed to settle their debts.
On a request by the Sabah Law Association to become a statutory body, Nancy said the matter was discussed with the Attorney-General two years ago, but she had yet to be informed of the latest development.