Over 64,000 Malaysians Declared Bankrupt Since 2013

Parliament was informed that over 64,000 Malaysians have been declared bankrupt over the past five years.


(Image: The Malaysian Reserve)

Minister in the Prime Minister’s Department, Datuk Liew Vui Keong told Parliament that a total of 64,632 Malaysians between the ages of 18 and 44 have been declared bankrupt over the last five years.

Datuk Liew Vui Keong said the statistics provided by the Insolvency Department revealed the following figures of people being declared bankrupt:

Year People Declared Bankrupt
2013 13,036
2014 13,098
2015 11,277
2016 11,875
2017 11,106
2018 (until April)  4,240

The Minister in the Prime Minister’s Department added poor financial planning and insufficient financial management could be the reasons for the high number of bankruptcy cases in the country.

“The government, via the Insolvency Department, is committed to carrying out awareness programmes regarding bankruptcy to the people and its outreach programme with other government ministries, agencies and bodies,” he said

Datuk Liew Vui Keong said the Credit Counselling and Debt Management Agency ( AKPK) would also carry out its initiatives to reduce the number of bankruptcy cases.

(Source: The Star)

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