296,712 cases of bankruptcy as of Aug 2017

KUALA LUMPUR: A total of 296,712 cases of bankruptcy has been recorded nationwide until Aug this year, the Dewan Rakyat was told today.

Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said (pix) stated that Selangor topped the list with 72,114 cases or 24.30%.

This was followed by Johor with 50,255 cases, Federal Territories (46,377 cases), Penang (22,136 cases), Perak (19,733 cases), Sarawak (16,499 cases), Kedah (14,343 cases), Sabah (12,553 cases), Pahang (10,415 cases).

The other states are Malacca with 9,316 cases, Negri Sembilan (8,425 cases), Kelantan (8,187 cases), Terengganu (5,322 cases) and Perlis (1,037 cases).

“All involved parties such as commercial banks have always provided their cooperation to the government to ensure justice and bankruptcy management can go on smoothly,” she said.

She was responding to a question by Sim Tong Him (Independent-Kota Malacca) who asked the number of those who went bankrupt until Aug this year.

Azalina said the Insolvency Act 1967 has provided four methods to release a bankrupt person from his current state.

She added that the amendments to the act were just enforced in Oct, and the Insolvency Department is in the midst of collecting data and disseminating information to those declared bankrupt.

She said Prime Minister Datuk Seri Najib Abdul Razak had recently urged the department to conduct a roundtable discussion with local banks associations and other stakeholders to find a way forward in the issue.

“The department will implement the suggestion in the near future to establish a cooperation with commercial banks to assist those with serious bankruptcy problem,” she said.