Brunei Sultan Hassanal Bolkiah has consented to amendments to the Bankruptcy Act (Chapter 67) with effect from December 4, the Attorney General's Chamber stated yesterday in a press statement.
Among the major amendments to the Bankruptcy Act were the increase of the debt threshold owed by a debtor to a petitioning creditor from 500 Brunei dollar (US$409.5) to 1,000 Brunei dollar; the discharge of a bankrupt from bankruptcy by issuance of a certification provided at least three years have passed since the date of commencement of the bankruptcy declaration and his or her debts do not exceed 100,000 Brunei dollar, and the debtor agrees to relinquish his or her passport or travel document.
The bankrupt must also hand over all his or her property to a trustee.
Furthermore, the amendment includes an agreement that Malaysia and Singapore recognise bankruptcy declarations if the debtor's property is in Brunei.
The amendments were initiated by the Committee on the Review of the Legal Framework, Administration and Management relating to the Bankruptcy and Insolvency Regime chaired by Justice Hairolarni bin Abdul Majid. Also in attendance were officers from the Prime Minister's Office, the Judiciary, the Attorney General's Chambers and the Public Service Commission.
The committee was established by Bolkiah in 2008 to review the existing bankruptcy legislation.
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