1 The Insolvency and Bankruptcy Code Amendment Ordinance 2017 is hereby repealed. By way of the gazette notification PU.
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B 4662017 dated 3 October 2017 these amendments will come into force on 6 October 2017.
. The new Bankruptcy Amendment Act will bring about significant changes to Malaysias bankruptcy laws. It has now been passed as the Bankruptcy Amendment Act 2017 and received Royal Assent on 10 May 2017. It amends the Insolvency and Bankruptcy Code 2016 and replaces an Ordinance promulgated in November 2017.
The Code provides a time-bound process to resolve insolvency of companies and individuals. The Insolvency and Bankruptcy Code Amendment Bill 2017 was introduced in Lok Sabha on December 28 2017. 2 Notwithstanding such repeal anything done or any action taken under the Insolvency and Bankruptcy Code 2016 as amended by the said Ordinance shall be deemed to have been done or taken under the corresponding provisions of the said Code as amended by.
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