94,400 declared bankrupt since 2013

MORE than 90,000 Malaysians have been declared bankrupt since 2013, with almost 97% of them failing to repay instalments to financial institutions.

From 2013 till August this year, the Malay­sia Department of Insolvency recorded a total of 94,408 people who were declared bankrupt.

“About 91,180 were declared bankrupt as they failed to repay instalments for financial products, including vehicle hire purchase loans, personal financing, housing loans, business loans, credit cards, social guarantors and corporate guarantors.

“People failing to repay hire purchase loans ranked the highest at 27.57% or 25,137 people,” said Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said in a written reply to Datuk Che Mohamad Zulkifly Jusoh (BN-Setiu).

Che Mohamad had asked for the statistics on Malaysians being declared bankrupt.

Azalina said the lowest category of people being declared bankrupt were those who stood as corporate guarantors, which is 3.24% or 2,954 people.