21-04-2025
- Business
- Free Malaysia Today
Cross-Border Insolvency Bill to be tabled in Parliament soon, says minister
Asean ministers have given positive feedback on the Cross-Border Insolvency Bill, according to Azalina Othman Said. (Facebook pic)
PUTRAJAYA : The Cross-Border Insolvency Bill 2025, aimed at enabling the retrieval of overseas assets to clear the debts of bankrupts, will be tabled in Parliament soon, says law and institutional reform minister Azalina Othman Said.
Azalina said the bill will be a priority in the upcoming parliamentary session, alongside several other key pieces of legislation, including the Legal Aid and Public Defence Bill, Whistleblower Protection (Amendment) Bill and the Mediation (Amendment) Bill 2025.
'This will prevent the overseas assets of bankrupt individuals from being left idle. They can be used to settle their debts to the creditors,' she told reporters at the ministry's Hari Raya Aidilfitri open house today.
'I have visited several Asean countries and met with their ministers. They have given me a very positive response on the issue of cross-border insolvency.'
In February, Azalina announced the establishment of the Cross-Border Insolvency Working Committee to align the country's insolvency laws with international standards, Bernama reported.
She said the committee would review the adoption of the United Nations Commission on International Trade Law Model Law on Cross-Border Insolvency and recommend a standalone act for cross-border insolvency in Malaysia.
The report also noted that the model law would facilitate winding-up processes under the Companies Act 2016 when a company's assets and liabilities are in more than one country.
On other legislative developments, Azalina said the Whistleblower Protection (Amendment) Bill aims to provide qualified witnesses with legal protection but disagreed with indefinite protection periods.
She said any case related to a protected witness should be prioritised and resolved swiftly.
'The usual excuse for the witness to extend the protection period is 'the case is postponed'. But I disagree with that,' she said.
Azalina added that the political financing bill and the proposal to limit the prime minister's service to two terms were still being studied.
She said that while discussions with political party leaders had been positive, further studies are required before presenting a Cabinet paper on these matters.
Azalina also addressed the call from Amnesty International for the abolition of the death penalty for drug-related offences, stating that a comprehensive study with all stakeholders is still needed.
'This issue also falls under the jurisdiction of the home ministry. We have a committee looking into alternative punishments for the offenders,' she said.
