LAST_UPDATEWed, 20 Jun 2018 7pm

Bankruptcy Cases Involve 294,000 Malaysians A Year - Abdul Rahman

PUTRAJAYA -- A  total of 294,000 Malaysians are involved in bankruptcy cases due to their failure to settle hire purchase loans, credit card loans, personal loans, housing loans and social guarantor debts (due to errant debtors) in a year, said the Department of Insolvency director-general Datuk Abdul Rahman Putra Taha today.

He said according to the department’s statistics 70 per cent of bankruptcy cases involved individuals between the age of 35 and 45, and around 8,000 to 20,000 individuals were declared bankrupt for numerous reasons in a year.

"The individuals involved have been urged to come forth and find a solution together with the department and the Credit Counselling and Debt Management Agency (AKPK) to avoid prolonging the debt issues faced. Do not be ashamed to deal with us.

"We are always ready to help them to overcome their state of bankruptcy and file a motion to lift their status through the court,” he told reporters after heading the department’s Corruption-Free Pledge signing ceremony with the Malaysian Anti-Corruption Commission (MACC) here today.

Abdul Rahman said the Bankruptcy (Amendment) Bill 2016 which was passed in Dewan Rakyat in March and expected to be enforced in October would include eight policy changes that would be explained during a nationwide tour.