KUALA LUMPUR: A total of 22,581 bankruptcy cases recorded by the Insolvency Department (MdI) between 2012 and September this year involved individuals aged between 25 and 34.
It is also alarming to note that in the same period, 1,157 bankruptcy cases involved individuals under the age of 25, said Minister in the Prime Minister's Department (JPM), Datuk Seri Azalina Othman Said.
"According to records, from 2012 up to September 2016, the highest number of bankruptcies involving 26,801 cases was due to failure to settle vehicle hire purchase loans, followed by personal loans (22,153 cases) and housing loans (18,819 cases).
"Statistics show a total of 5,320 bankruptcy cases involved social loan guarantors and 2,910 cases involved corporate loan guarantors," she said when opening Hari Bersama MdI yesterday.
Her speech text was read out by JPM Legal Affairs Division director-general Datuk Jalil Marzuki. Also present was MdI director-general Datuk 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 MdI, in our effort to educate the public on bankruptcy risks," she added.
Hari Bersama MdI, held nationwide for the first time, aims to inform the public on the role and responsibilities of MdI while building rapport and collaborative relationships with other departments and stakeholders. -- Bernama