A total of 22,581 bankruptcy cases were recorded by the Insolvency Department between 2012 and September this year, with the individuals involved all aged 25 to 34.
It was also alarming to note that in the same period, an additional 1,157 bankruptcy cases involved individuals under the age of 25, according to Minister in the Prime Minister’s Department Azalina Othman Said.
“According to records, from 2012 up to September 2016, the highest number of bankruptcies, that is 26,801 cases, were due to failure to settle vehicle hire purchase loans. This was followed by personal loans (22,153 cases) and housing loans (18,819 cases).
“Statistics also show a total of 5,320 bankruptcy cases involved social loan guarantors and 2,910 cases involved corporate loan guarantors,” she said when opening the department’s meet-the-public event here today.
Her speech was read out by PM’s Department legal affairs division director-general Jalil Marzuki. Also present was the insolvency department’s director-general Abdul Rahman Putra Taha.
As such, Azalina said the public should be given exposure and knowledge on bankruptcy issues from the very beginning, especially the young while studying in educational institutions.
“Therefore, I look forward to seeing private agencies and non-governmental bodies cooperate with the government, especially the insolvency department, in our effort to educate the public on bankruptcy risks,” she added.
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