malaysiangPUTRAJAYA, The government will soon conduct a feasibility study for the proposed corporatisation of the Malaysian Department of Insolvency (MdI) in line with the global best practice.
Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said the study will take into account the views of local and foreign experts in cross-border insolvency, as well as public opinion.
She said the proposed corporatisation of MdI is to ensure more efficient insolvency administration through effective management and liquidation of assets of the bankrupts to pay off outstanding debts, particularly involving wound-up companies going through insolvency proceedings, so that the proceeds can contribute back to the country’s economic cycle.
‘Therefore, as a way forward a new direction, MdI will conduct a feasibility study for the proposed corporatisation of MdI in line with the global practice,’ she said at the 100-year and New Direction celebration of the MdI here today.
The cel
ebration graced by Prime Minister Datuk Seri Anwar Ibrahim was also attended by Attorney-General Datuk Ahmad Terrirudin Mohd Salleh and Director-General of Public Service (KPPA) Datuk Seri Wan Ahmad Dahlan Abdul Aziz.
The MdI, an agency under Azalina’s purview, is tasked with managing bankruptcy cases and the affairs of bankrupt individuals. It also administers companies that have been liquidated, as well as organisations and trade unions whose registrations have been revoked.
Source: BERNAMA News Agency
