Kuala Lumpur:The National Film Development Corporation Malaysia (FINAS) and the Malaysian Insolvency Department (MdI) have been encouraged to strengthen their collaboration to improve financial advisory and insolvency support for the creative industry.
According to BERNAMA News Agency, the Minister in the Prime Minister's Department (Law and Institutional Reform), Datuk Seri Azalina Othman Said, suggested that this partnership could also involve the Legal Aid Department and mediation services to help creative industry participants manage contractual disputes and legal issues effectively.
She emphasized the importance of maintaining a strong relationship between FINAS and the Legal Affairs Division (BHEUU), covering areas such as insolvency and legal aid, to demonstrate the government's commitment to protecting those in the industry. Azalina made these remarks during the Arts, Popularity and Financial Survival Forum at the Asian International Arbitration Centre (AIAC).
Prominent figures at the forum included FINAS chairman Datuk Dr Hans Isaac, FINAS CEO Datuk Azmir Saifuddin Mutalib, and Deputy Director-General of Insolvency Abu Bakar Manat.
Azalina highlighted the financial challenges that freelancers and young creatives face, such as the risk of debt due to inadequate contracts and advance payments. She stressed the need for awareness of contractual rights to mitigate potential setbacks.
Furthermore, she proposed that FINAS initiate training programs where veteran artists and industry professionals can share their experiences, including dealing with scams and unfair contracts, with younger creatives.
She also noted the importance of associations under FINAS in promoting financial management awareness and enhancing negotiation leverage for creative industry players. Azalina reminded them that popularity does not equate to financial security and urged early financial planning.
Additionally, Abu Bakar shared that the MdI had successfully facilitated the release of 249,000 individuals from bankruptcy through the Second Chance Policy as of this month.