Over 80,000 M'sians declared bankrupt from 2015 until August this year

PARLIAMENT | A total of 80,625 cases of bankruptcy have been filed by the Malaysian Insolvency Department from 2015 until August this year, the Dewan Rakyat was told today.

Minister in the Prime Minister's Department (Law) Liew Vui Keong said out of the total, 7,871 cases were recorded this year until August.

“A total of 18,457 bankrupt cases have been recorded in 2015, while 19,588 cases in 2016. A total of 18,227 cases were recorded in 2017 and 16,482 cases last year,” he said during the minister’s question time.

He was responding to a question by Willie Mongin (PH-Puncak Borneo) who wanted to know the number of Malaysians who have been declared bankrupt and the government's strategy, including the financial literacy programme to help them.

Commenting further, Liew said the government is working on various measures to reduce cases of bankruptcy in the country, through various programmes including outreach programme organised by the Insolvency Department to increase awareness on bankruptcy issues.

In addition, he said the government through Bank Negara Malaysia's Credit Counselling and Debt Management Agency (AKPK) has also organised programmes involving financial planning to address financial management issues at the pre-bankruptcy stage.

- Bernama