Despite amendments on the insolvency law last year, there was still an alarming number of bankrupt Malaysians.
Deputy Minister in Prime Minister’s Department Datuk Razali Ibrahim said more than 300,958 Malaysians were declared as bankrupt, where more than 60% were aged between 35 and 54.
He revealed from 2013 until 2017, there was a total of 100,610 bankrupt Malaysians while 14% had already been discharged.
Razali said efforts were ongoing to reduce the number of bankrupt individuals and advised Malaysians not to fear the Insolvency Department or the Credit Counselling and Debt Management Agency.
“We want Malaysians to continue to actively contribute to the country and not become bankrupt. High bankruptcy in a country can affect its productivity.
“The amendments to the law can help people be more responsible in managing their finances and at the same time financial institutions can also be more responsible in approving loans,” he said.
Meanwhile, the highest number of discharged bankrupts were 4,189 people in Selangor followed by Johor with 2,278 people, while the Federal Territory and Penang had 1,665 and 1,002 respectively.
Other statistics included Sarawak with 961 discharged bankrupts, Perak (895), Sabah (737), Kedah (550), Pahang (468), Negri Sembilan (423), Kelantan (342), Malacca (291), Terengganu (253) and Perlis (54).
