fbpx
Connect with us

News

Insolvency Dept: Over 37k M’sians Went Bankrupt Since 2019, Almost 50% Due to Personal Loans

Published

Feat Image Loan Bankrupt
Source: Freepik & The Star

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

The Malaysia Department of Insolvency (MdI) recently released the latest statistics regarding bankruptcy in our country, which provided interesting insights into the issue of insolvency among Malaysians.

According to MdI, a total of 233,483 bankruptcy cases have been handled by the department since its inception, 37,461 of which took place from January 2019 to December 2023. 

Screenshot 2024 01 26 At 4.21.10 Pm

Overall, Selangor recorded the most cases of bankruptcy up until 2023, with 54,847 followed by Federal Territories with 43,315 cases. Making up the top 5 are Johor Bahru (27,273), Penang (19,328) and Perak (12,041).

In recent history (2019 to 2023), the top 5 regions with most insolvency cases are as follows:

  1. Selangor – 9,070 cases
  2. Federal Territories – 4,361 cases
  3. Johor Bahru – 3,165 cases
  4. Kedah – 2,359 cases
  5. Sabah – 2,213 cases

Screenshot 2024 01 26 At 4.18.25 Pm

Do note that since 2020, MdI also included non-citizens in the statistics, though the number is not significant, with only 88 cases reported or 0.23% of the 37,461 total cases from January 2019 to December 2023. Hence, in the same period, a total of 37,373 Malaysians went bankrupt in our country.

Furthermore, a breakdown of the total cases (including non-citizens) since 2019 in terms of race is as below:

Screenshot 2024 01 26 At 4.19.51 Pm

A further breakdown of the total cases based on gender showed that there are significantly more bankruptcy cases among men, which is 27,589 or a whopping 73.65%. Meanwhile, 26.626% or 9,838 are women while the remaining 0.09% involve cases where the gender of the individuals was not recorded in the case.

Screenshot 2024 01 26 At 4.19.35 Pm

 

Besides that, those aged 35 to 44 recorded the highest number of bankruptcy cases from 2019 to 2023 at 14,476 (38.64%) followed by 45 to 44 with 10,052 (26.83%) and 25 to 34 with 6,874 (18.35%). Check out the full statistics according to age below:

Screenshot 2024 01 26 At 4.19.14 Pm

As for the reason behind these individuals going into insolvency, almost half of cases since 2019, specifically 48.97% or 18,343 cases were due to personal loans. The second highest is business loans with 6,563 (17.52%) while the third highest is because of vehicle purchase agreements with 4,001 (10.68%).

203377273 L 1

For illustration purposes

The full list is as below:

  1. Personal loans – 18,343 cases (48,97%)
  2. Business loans – 6,563 cases (17.52%)
  3. Vehicle purchase agreements – 4,001 cases (10.68%)
  4. Housing loans – 3,099 cases (8.27%)
  5. Card credit debts – 2,217 cases (5.72%)
  6. Other debts – 1,180 cases (3.15%)
  7. Income tax debts – 821 cases (2.19%)
  8. Corporate guarantor – 797 cases (2.13%)
  9. EPF contribution – 356 cases (0.95%)
  10. Scholarships/study loans – 67 cases (0.18%)
  11. Social guarantor – 17 cases (0.05%)

Screenshot 2024 01 26 At 4.17.46 Pm

So, what do you guys think of these statistics? Share your thoughts with us in the comments!

 

Also read: “I’m earning only RM3K” – M’sian Struggles to Pay Nearly RM500K of Debts & Fears Losing His Govt Job

Collage 7 3

Source: MdI
Source: MdI
Source: MdI
Source: MdI
Source: MdI
Source: MdI

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Collage 89 Collage 89
News11 hours ago

Johor Government May Implement a 4.5-Day Workweek in the Near Future

A 4-day workweek sounds ideal, but a 4-and-a-half day workweek doesn’t sound bad either. Johoreans may be in luck next...

My Post 1 2024 11 21T160023.537 My Post 1 2024 11 21T160023.537
News12 hours ago

“UPSR get D, SPM can get A” – PMX Responds to BERSIH Giving Him a Grade D in ‘Report Card’

Prime Minister Datuk Seri Anwar Ibrahim has opened up about BERSIH’s ‘report card‘ on his administration’s performance in conjunction with...

My Post 1 2024 11 21T114442.032 1 My Post 1 2024 11 21T114442.032 1
News16 hours ago

PDRM is Offering 60% Off Selected Traffic Summons at Govt’s 2nd Anniversary Event This Weekend!

In conjunction with the MADANI government’s 2nd anniversary on 24 November (Sunday), the Ministry of Home Affairs of Malaysia (KDN)...

Collage 17 1 Collage 17 1
News1 day ago

MCPF Calls for Vape Ban, Warns Addiction to Substances Can Lead to Unhealthy Behaviours Like Theft

The Malaysian Crime Prevention Foundation (MCPF) is urging for the sale of e-cigarettes or vape devices to be banned or...

Feat Image Lesen Feat Image Lesen
News1 day ago

Anthony Loke: Road Users in M’sia May Have to Pay for Physical Driving License Cards Starting Next Year

Transport Minister Anthony Loke Siew Fook today iterated that the Government will continue with the implementation of digital driving licenses...

Collage 15 2 Collage 15 2
News1 day ago

Filipino Couple Caught Living & Working Illegally in Malaysia Using Fake MyKads That Cost RM250 Each

A Filipino husband and wife were arrested during a raid on November 19 at a house in Pandan Indah yesterday...

Feat Image Apple Ind Feat Image Apple Ind
News2 days ago

Apple Offers to Increase Investment in Indonesia Tenfold to RM446 Million to Lift Country’s iPhone 16 Series Ban

Previously, we shared how the Apple iPhone 16 Series is banned from being sold in Indonesia until the tech giant...

My Post 1 2024 11 20T144359.263 My Post 1 2024 11 20T144359.263
News2 days ago

BERSIH Names Ismail Sabri the Best PM Since 2009, Calls Out PMX for Lack of Urgency with Reforms

In conjunction with the upcoming 2nd anniversary (24 November) of Anwar Ibrahim’s administration, The Coalition for Clean and Fair Elections,...

Announcement

Latest Videos



TRENDING TODAY