FINAS, Insolvency Dept Cooperation To Expand Support For Creative Industry Players - Azalina

KUALA LUMPUR, Oct 5 (Bernama) -- The National Film Development Corporation Malaysia (FINAS) and the Malaysian Insolvency Department (MdI) have been urged to continue collaborating to expand creative industry players’ access to financial advice and insolvency assistance.

Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said the collaboration could also involve the Legal Aid Department and mediation services to help creative industry players resolve contractual disputes and legal issues.

“I hope FINAS will maintain its ties with the Legal Affairs Division (BHEUU), whether through the Insolvency Department, Legal Aid Department or mediation services.

“This is to ensure that those entering the industry know that the government cares about them and wants to protect them,” she said at the Arts, Popularity and Financial Survival Forum at the Asian International Arbitration Centre (AIAC) here today.

Also present were FINAS chairman Datuk Dr Hans Isaac, FINAS chief executive officer Datuk Azmir Saifuddin Mutalib and Deputy Director-General of Insolvency Abu Bakar Manat.

Azalina said creative industry players, especially freelancers and young people, face financial risks and could become trapped in a cycle of debt when working without clear contracts, advance payments or adequate contractual protection.

“We must understand our rights, regardless of how small the contract is. This can help minimise the impact and prevent any setback from becoming too severe,” she said.

Azalina also proposed that FINAS organise training programmes involving veteran artistes and experienced industry players to share their knowledge, including their experiences with scams, payment disputes and unfair contracts, with the younger generation.

Azalina said associations under FINAS could also play an important role in raising awareness of financial management, contractual rights and government assistance channels, adding that strong industry associations could give creative industry players a stronger position in negotiations, including over payment and employment terms.

She also reminded creative industry players that popularity does not guarantee financial stability and urged them to plan their investments and financial protection early in their careers.

“Popularity does not guarantee financial stability, but financial problems are not a lifelong sentence either,” she said.

Meanwhile, Abu Bakar said MdI had facilitated the release of 249,000 bankrupt individuals from bankruptcy as of this month through the implementation of the Second Chance Policy.

-- BERNAMA