There were a total of 300,958 bankruptcy cases in the country last year, up 10,957 from the 290,001 cases a year earlier.
Insolvency Director of Bankruptcy Division Shahrul Rizal Majid told Sin Chew Daily bankruptcy was mainly caused by defaulted personal, housing and car loans.
He said about 34% or 34,606 individuals declared bankrupt between 2013 and 2017 were in the 35-44 age bracket.
"Normally these people had no problem settling their loan installments initially, but were later declared bankrupts because they couldn't settle their loans due to one reason or another.
"That's why most of them are in the 35-44 age bracket."
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