Extension of Temporary Relief for the Prescription of Amount of Indebtedness of Company Under Paragraph 466(1)(a) of the Companies Act 2016

corporate advisory

Threshold of Indebtedness be temporary increased

The threshold of indebtedness of RM50,000 which was prescribed pursuant to paragraph 466(1)(a) of the Companies Act 2016 under Gazette Notification 8032 (G.N. 8032) effective from 23 April 2020 to 31 December 2020 has been extended to 31 March 2021.

This is in support of the business community during the economic recovery period. The extension of the indebtedness threshold to RM50,000 is to assist companies which are affected by the extended period of the Movement Control Order due to the COVID-19 pandemic.

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