1,046 young and bankrupt Malaysians
Published Oct 13 2010
Some 1,046 bankruptcy cases involving those aged below 25 have been recorded from 2005 until July this year, Dewan Rakyat was told Friday. Deputy minister in the Prime Minister's department, Datuk Liew Yui Keong said of the total, 487 or 46.5 per cent were declared bankrupt for failing to settle vehicle loans while 354 (33.8 per cent) for personal loans.
"Some became bankrupt for becoming guarantors, failing to settle credit card payments, scholarships or education loans," he said when replying to a question by Aaron Ago Anak Aagang (BN-Kanowit). Liew said the insolvency department was reviewing bankruptcy laws aimed at strengthening them and to spur economic growth. Liew also told Parliament that 83,389 bankruptcy cases were recorded over the past five years.
Bernama
