Govt to study proposed corporatisation of Insolvency Dept

The government will soon conduct a feasibility study for the proposed corporatisation of the Insolvency Department in line with the global best practice.

Minister in the Prime Minister's Department (Law and Institutional Reform) 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 the department 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, the department will conduct a feasibility study for the proposed corporatisation in line with the global practice,” she said at the 100-year and New Direction celebration of the department in Putrajaya today.

Prime Minister Anwar Ibrahim graced the celebration, which Attorney-General Ahmad Terrirudin Mohd Salleh and Public Service director-general Wan Ahmad Dahlan Abdul Aziz also attended.

The Insolvency Department, 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administers companies that have been liquidated, as well as organisations and trade unions whose registrations have been revoked.

- Bernama

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