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 of the Insolvency Act 1967 through the Insolvency Act 2020 , which raised the bankruptcy threshold to RM100,000.
"Debtors can apply for an interim order from the court for the suspension of bankruptcy proceedings while negotiating with creditors regarding the proposed debt repayment plan,” he said during a question-and-answer session in the Dewan Rakyat on Tuesday .
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