Capitalise on second chance policy to forge a brighter future
KUALA LUMPUR: Malaysians who have been absolved from the bankruptcy list by the Malaysian Insolvency Department (MDI) through the Second Chance Policy should fully capitalise on the government’s offer, said Financial Consumer expert, Prof Dr. Mohamad Fazli Sabri. He underscored the importance of seizing this opportunity to forge a brighter future, noting that such a […]
US pharmacy chain Rite Aid files for bankruptcy
NEW YORK: US pharmacy chain Rite Aid Corp. has filed for bankruptcy protection in an effort to restructure its financial assets while dealing with high debt and opioid-related lawsuits, reported Xinhua. The debt-laden company said in a statement late on Sunday that it would close underperforming stores, sell its pharmacy benefit company Elixir and resolve […]
Britain’s Birmingham City Council declares bankruptcy
LONDON: The City Council of Birmingham in the United Kingdom (UK) declared itself effectively bankrupt on Tuesday, reported sXinhua. The council announced it was unable to meet its debts, which it has accrued mainly due to equal pay claims by staff and former staff. Senior officers have called a halt to all new spending, except […]
Bankruptcy of 99-year-old US trucking company affects 30,000 workers, creditors
NEW YORK: Yellow Corp, a once-dominant US trucking company, has filed for bankruptcy as it winds down its 99-year-old business, which concerns its 30,000 workers and a handful of heavyweight creditors. The Nashville-based logistics provider announced on Sunday it had filed for Chapter 11 relief in the United States Bankruptcy Court for the district of […]
Number of bankruptcies hits decade-high in Sweden
STOCKHOLM: During the first six months of this year, a total of 3,949 companies went bankrupt in Sweden, the highest in a decade, reported Xinhua quoting a Swedish Television (SVT) report on Tuesday. More than 28,000 jobs were lost due to bankruptcies in the period, SVT said, citing the latest statistics from business and credit […]
OPR hike will not lead to bankruptcy
KUCHING: The Overnight Policy Rate (OPR) hike will not lead to bankruptcy for businesses and individuals with a sound financial position and a manageable debt level.Universiti Malaysia Sarawak (Unimas) economist Jerome Kueh said the recent OPR hike from 2.75 per cent to 3.00 per cent will have some effect on the economy, but the impact […]
Bankrupt entrepreneurs down to 5,695 last year
KUALA LUMPUR: The number of bankruptcy cases involving entrepreneurs dropped to 5,695 last year compared to 6,554 in 2021, said Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick. He said this was following the amendment to paragraph 5(1)(a) of the Insolvency Act 1967 (Act 360) through the Insolvency (Amendment) Act 2020 (Act A1624), which raised […]
Economic growth makes Malaysia different from Sri Lanka
SUNGAI ASAP (Belaga): Deputy Minister of Finance Datuk Indera Mohd Shahar Abdullah is confident Malaysia will not go bankrupt like Sri Lanka because the country’s economic growth is much stronger. In rejecting rumours circulating on Malaysian social media, he said that the country still has room to borrow. In fact, he added, the International Monetary […]
‘Friendlier’ laws needeed to spur participation in businesses: Law Minister
KUCHING: The proposed amendment to Section 33C of the Insolvency Act (Act 360) would serve to create a ‘friendlier’ law, encouraging the people to participate in business ventures. Minister in the Prime Minister’s Department (Parliament and Law) Datuk Seri Wan Junaidi Tuanku Jaafar said he hoped the proposed amendment would solve the issue faced by […]
Hastening bankruptcy administration process
KUCHING: The Malaysian Department of Insolvency suggested amendments to be established towards four allocations to launch the administration process of estate bankruptcy. Minister in the Prime Minister’s Department (Parliament and Law) Datuk Seri Wan Junaidi Tuanku Jaafar said that the main focus of the department was to not just hasten the bankruptcy administration process but […]
