More than 300,000 de­clared bank­rupt

The Sun (Malaysia) - - NEWS WITHOUT BORDERS -

THERE are still more than 300,958 bankrupts de­spite the amend­ments to the in­sol­vency law to help re­duce the num­ber.

Deputy Min­is­ter in Prime Min­is­ter’s Depart­ment Datuk Razali Ibrahim said the govern­ment is still work­ing hard to re­duce the num­ber of bankrupts, which has come up to 300,958, with more than 60% of them aged be­tween 35 and 54.

“We are try­ing to re­duce this num­ber. It is a lot of ef­fort and work,” he said re­spond­ing to a sup­ple­men­tary ques­tion from M. Ku­lasegaran (DAP-Ipoh Barat).

Razali said the ini­tia­tives taken are to en­sure that Malaysians are not eas­ily de­clared bank­rupt.

He said the peo­ple should not be afraid of 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 bankrupts. High bank­ruptcy in a coun­try can af­fect its pro­duc­tiv­ity.

“So 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.

Ear­lier he re­sponded to Er Teck Hwa (DAP-Bakri), who had asked for the statis­tics of bankrupts that were dis­charged ac­cord­ing to states from 20132017.

Razali said a to­tal of 100,610 were de­clared bank­rupt, of which about 14%, or 14,108, have been dis­charged in the same pe­riod of time.

Se­lan­gor recorded the high­est dis­charge of bankrupts with 4,189 peo­ple fol­lowed by Jo­hor with 2,278.

The Fed­eral Ter­ri­tory and Pe­nang recorded 1,665 and 1,002 peo­ple dis­charged re­spec­tively.

Sarawak dis­charged 961 bankrupts, Perak (895), Sabah (737), Kedah (550), Pa­hang (468), Negeri Sem­bi­lan (423), Ke­lan­tan (342), Malacca (291), Tereng­ganu (253) and Perlis (54).

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