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 DG Datuk Abdul Rahman Putra Taha yesterday.
He said according to the department’s statistics, 70% of bankruptcy cases involved individuals between the ages 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 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 in Putrajaya yesterday.
Abdul Rahman said the Bankruptcy (Amendment) Bill 2016, which was passed in the Dewan Rakyat in March and expected to be enforced in October, will include eight policy changes that will be explained during a nationwide tour.