Latest news with #SecondChancePolicy
The Star
5 days ago
- Business
- The Star
187,652 individuals with debts get second chance
KUALA LUMPUR: At least 187,652 individuals with debts not exceeding RM200,000 have been freed from a life of bankruptcy from March 2023 until June 2025 as part of the government's Second Chance Policy, says M. Kulasegaran. The Deputy Minister in the Prime Minister's Department (Law and Institutional Reform) said this included young adults under the age of 40. 'This achievement is proof of the government's push to implement reforms that deliver direct impact to the people. 'Through this effort, we have not just freed the people from the burden of debt, we have also helped to restore their self-worth, giving them a new chapter in life,' he said during the Ministry Question Time in Parliament yesterday. Kulasegaran said the government hopes this move will serve as a fresh start for Malaysians to move forward in their daily lives. 'It aims to provide a second chance to those in the early and mid stages of their careers, who are important assets to the nation, so they can recover and actively contribute again to the family and national economy,' he added.
The Star
5 days ago
- Business
- The Star
Almost 190,000 freed from bankruptcy under govt's second chance policy
KUALA LUMPUR: At least 187,652 individuals with debts not exceeding RM200,000 have been discharged from bankruptcy from March 2023 until June 2025 as part of the government's Second Chance Policy, says M. Kulasegaran. The Deputy Minister in the Prime Minister's Department (Law and Institutional Reform) said this included young adults under the age of 40, which shows the government's commitment to implement key reforms.
The Star
13-07-2025
- Business
- The Star
200,000 to be freed from bankruptcy, says Azalina
SHAH ALAM: The government is targeting 200,000 individuals for discharge from bankruptcy by the year-end. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said (pic), who disclosed this, said about 186,000 have been discharged so far. She said the data was obtained by the Insolvency Department for the government to lend a helping hand to the affected group. 'We hope by the end of the year, we can tabulate (people released from bankruptcy status). In total, we hope to hit 200,000 this year,' she said after launching a Financial Literacy Programme for public and private higher education institution students organised by the department here yesterday, Bernama reported. In tabling Budget 2025, Prime Minister Datuk Seri Anwar Ibrahim announced that the Second Chance Policy would be expanded to benefit those aged 40 and below who have debts not exceeding RM200,000 starting last year. Azalina said a total of 25,578 bankruptcy cases were recorded from 2021 to May 2025, with 10,145 cases involving the 35 to 44 age group. She said men recorded higher bankruptcy cases than women, at 18,590 over that period. On the programme, Azalina said it was among the proactive steps taken by the government to update the people with financial management and literacy, especially students about to begin their careers. About 1,000 students from public and private universities and colleges were involved in the day-long programme.
Sinar Daily
23-06-2025
- Business
- Sinar Daily
Govt targets 200,000 individuals to be discharged from bankruptcy this year
So far, approximately 186,000 individuals have been successfully released from the problem. 23 Jun 2025 03:21pm Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said - Photo by Bernama SHAH ALAM - The government is targeting 200,000 individuals to be discharged from bankruptcy by the end of this year. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said that so far, approximately 186,000 individuals have been successfully released from the problem. She said the record was obtained by the Malaysian Insolvency Department following the government's efforts in giving a second chance to the affected group to continue their lives. "We hope by the end of the year, we can give a calculation (people released from bankruptcy status). So in total we hope to target 200,000 this year," she said. Photo for illustration purposes only. She told reporters after the launch of the Financial Literacy Programme for Public Higher Education Institutions (IPTA) and Private Higher Education Institutions (IPTS) in 2025 by Malaysian Insolvency Department at Universiti Teknologi Mara (UiTM) Shah Alam today. Also present was UiTM vice-chancellor Prof Datuk Dr Shahrin Sahib @ Shabuddin. When tabling Budget 2025, Prime Minister Datuk Seri Anwar said the Second Chance Policy would be expanded to young people aged 40 and below who have debts not exceeding RM200,000 starting last year. Meanwhile, Azalina said a total of 25,578 bankruptcy cases were recorded from 2021 to May 2025 from the age of under 25 to 55 and above. Of that total, she said, 10,145 bankruptcy cases were recorded involving the 35 to 44 age group. She said that by gender, men recorded higher bankruptcy cases than women, at 18,590 during the same period. Meanwhile, Azalina said the programme organised today was one of the proactive steps taken by the Madani government in bringing laws and knowledge related to financial management and literacy to the people, especially students of higher learning institutions who are about to enter the working world. About 1,000 students from public and private universities and colleges were involved in the one-day programme. - BERNAMA Malaysian Insolvency Department
The Sun
23-06-2025
- Business
- The Sun
Malaysia aims to discharge 200,000 bankruptcies by 2025
SHAH ALAM: The government is targeting 200,000 individuals to be discharged from bankruptcy by the end of this year. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said that so far, approximately 186,000 individuals have been successfully released from the problem. She said the record was obtained by the Malaysian Insolvency Department following the government's efforts in giving a second chance to the affected group to continue their lives. 'We hope by the end of the year, we can give a calculation (people released from bankruptcy status). So in total we hope to target 200,000 this year,' she said. She told reporters after the launch of the Financial Literacy Programme for Public Higher Education Institutions (IPTA) and Private Higher Education Institutions (IPTS) in 2025 by Malaysian Insolvency Department at Universiti Teknologi Mara (UiTM) Shah Alam today. Also present was UiTM vice-chancellor Prof Datuk Dr Shahrin Sahib @ Shabuddin. When tabling Budget 2025, Prime Minister Datuk Seri Anwar said the Second Chance Policy would be expanded to young people aged 40 and below who have debts not exceeding RM200,000 starting last year. Meanwhile, Azalina said a total of 25,578 bankruptcy cases were recorded from 2021 to May 2025 from the age of under 25 to 55 and above. Of that total, she said, 10,145 bankruptcy cases were recorded involving the 35 to 44 age group. She said that by gender, men recorded higher bankruptcy cases than women, at 18,590 during the same period. Meanwhile, Azalina said the programme organised today was one of the proactive steps taken by the MADANI government in bringing laws and knowledge related to financial management and literacy to the people, especially students of higher learning institutions who are about to enter the working world. About 1,000 students from public and private universities and colleges were involved in the one-day programme.
