A total of 101,958 persons were declared bankrupt by the court between 2013 and 2016 and

approximately 24% were below the age of 34.

Financial institutions customarily resort to bankruptcy proceedings to recover debts from defaulted

borrowers and guarantors who stood surety for consumers' loans. Consumers' loans typically include

facilities granted to individuals in the form of credit cards, car loans and personal loans.

The Bankruptcy (Amendment) Act 2017 came into force on 6 October 2017. The Bankruptcy Act

1967 renamed the Insolvency Act 1967 (IA 1967). The IA 1967 represented an overhaul of

Malaysia's bankruptcy legislation with the objective to make the bankruptcy regime more debtor-

friendly to reduce the number of bankruptcies and easier for a bankrupt to be discharged.

(a) In light of the above, describe any FIVE (5) salient changes to the Insolvency Act 1967

which in your opinion were introduced to achieve its intended purpose.