Wan Junaidi (second right) presents a mock cheque to a cooperative yesterday. — Photo by Rosytein Emmor
KUCHING: Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar is proposing to amend the relevant bankruptcy laws to allow persons declared as bankrupt to clear their debts more easily.
“The problem we experience right now is that people who are declared as bankrupt are not allowed to do many things. If such individuals are not permitted to do business, how can they pay back their debts?” he asked.
He revealed that he had spoken to Minister in the Prime Minister’s Department (Parliament and Law) Datuk Takiyuddin Hassan on the matter.
“The government system has to change to better allow bankrupt individuals to work or do businesses. This is for them to have the financial ability to clear their debts. If not, how are these people going to get out of bankruptcy?”
The minister said this after handing over grants to cooperatives at a Bank Rakyat branch at Jalan Tun Jugah here yesterday.
He explained that an individual might have to spend a large part of their life in bankruptcy if they were declared bankrupt in their 20s and are not allowed to do business to pay off their debt.
He suggested a timeframe can be fixed for a person to be declared as bankrupt.