Over 14,000 individuals discharged from bankruptcy status between 2013 and 2017

KUALA LUMPUR, March 14 (Bernama) -- A total of 14,108 individuals who were declared bankrupt were discharged from bankruptcy status between 2013 and last year, the Dewan Rakyat was told today.

Deputy Minister in the Prime Minister's Department Datuk Seri Razali Ibrahim said the number was 14.2 per cent out of 100,610 individuals declared bankrupt in the same period.

"Of this, 69.1 per cent are men and 30.9 percent, women," he said in reply to Er Teck Hwa's (DAP-Bakri) on the matter.

Razali said the government was targeting to release more individuals from their bankruptcy status as the large number could affect national productivity.

Hence, he said with the Credit Counselling and Debt Management Agency and approval for the amendment of the Bankruptcy Act 2016 last year, the mission could be achieved.

Under the amendment to the Bankruptcy Act 2016, the maximum bankruptcy amount was raised to RM50,000 from the previous RM30,000.

The act passed by Dewan Rakyat on March 29 last year also provided bankruptcy protection for social guarantors.