Insolvency Department aims to release 200,000 from bankruptcy by end of 2025
SHAH ALAM: The Insolvency Department aims to release 200,000 individuals from bankruptcy by year-end, Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said.
She said so far, 186,000 individuals had been discharged, allowing them a fresh start in life.
"Last year, we discharged 180,000 individuals. So far, the number discharged is 186,000. We hope to reach a total of 200,000 by the end of the year.
"We are trying to expedite this process as it is a directive from the prime minister under the Second Chance Policy," she told reporters after the launch of the Financial Literacy Programme at Public and Private Higher Learning Institutions, held at Universiti Teknologi Mara.
Under the policy, it aims to discharge bankruptcy for young individuals aged 40 and below with debts not exceeding RM200,000.
Last year, Prime Minister Datuk Seri Anwar Ibrahim stated that people fell into bankruptcy due to various factors, including recklessness, business mistakes, a slow economy, and the Covid-19 pandemic.
Meanwhile, Azalina said that from 2021 to May this year, a total of 25,578 individuals were declared bankrupt.
Of the total, 70 were individuals aged below 25 years old; 25 to 34 year-old (3,725 individuals); 35 to 44 year-old (10,145 individuals); 45 to 54 year-old (7,256 individuals); 55 years old and above (4,222 individuals), and 160 individuals had no information recorded.
Over the same period, men recorded the highest number of bankruptcies with 18,590 individuals, while women at 6,903 individuals and 85 individuals had no information recorded.
Earlier in her speech, Azalina said the Madani government continuously strives to enhance the level of financial literacy among Malaysians to build financial resilience and ensure the wellbeing of the people in the future.
"This is in line with the principle of ensuring human wellbeing under the strategic pillars of Malaysia Madani.
"Therefore, this literacy programme that we are holding today is one of the proactive steps taken by the government to bring laws and knowledge related to financial management and literacy to the people, especially students in institutions of higher learning who are about to enter the workforce and the real world.
"Strong financial literacy is crucial to prevent today's youth from falling into serious debt."
Azalina added that, according to the records from the department, the majority of current bankruptcy cases involve young people.
"We are concerned that if the younger generation, who are the future of the nation, face serious debt issues and eventually fall into bankruptcy, it will be detrimental to the country."
Present at the event were the Insolvency Department deputy director Azwarnida Affandi and Universiti Teknologi Mara vice-chancellor Professor Datuk Dr Shahrin Sahib.
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