As the nation continues to develop, it is bound to encounter many challenges. One issue that is becoming more prevalent in Malaysia is the rising number of bankruptcy cases.
In a report by the Malay Mail, de facto law minister Datuk Seri Azalina Othman Said that the state of Selangor has the highest number of bankrupt people. Selangor makes up one fifth of the entire nation’s bankruptcy cases.
The minister went on to say that Malaysia currently has 292,086 active bankruptcy cases that have yet to be settled. On Selangor’s cases, she said,
“Out of the total number of bankruptcy cases, Selangor recorded the highest number of bankruptcy cases in the country with 70,817 cases.”
The number of bankruptcy cases went up by 13.9 percent in 2016 compared to 2015 according to Free Malaysia Today. This displays an alarming pattern of how Malaysians are handling their money.
What’s more unsettling is that 58.57 percent of these cases were made by people in the 25 to 44 age group.
Datuk Azalina announced the Bankruptcy (Ammendment) Bill 2016 is scheduled for a second reading at the Dewan Rakyat today, where the proposed amendments is said to make an “alternative method to bankruptcy proceedings before an individual is made bankrupt.”
She hoped the proposed amendments will encourage people to manage their finances and become more responsible when it comes to repaying debts.
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