116,000 bankruptcies recorded between 2005 and April 2012
KUALA LUMPUR, June 14 — The Insolvency Department recorded 116,379 bankruptcy cases from 2005 until April 2012, the Dewan Rakyat was told today.
Minister in the Prime Minister’s Department Datuk Seri Mohamed Nazri Abdul Aziz said of the total, 37,493 cases (32 per cent) involved those between the ages of 35 and 44.
“Twenty-seven per cent or 30,910 of them are between the ages of 45 and 54, 21,353 cases (18 per cent) are between the ages of 25 and 34, 14,379 cases (12 per cent) are above 55 years old, 1,617 cases (one per cent) are below 25 years old; while 10,627 cases (nine per cent) are without information,” he said during Question Time.
He was replying to William Leong Jee Keen (PKR-Selayang) who wanted to know the number of bankrupts, the breakdown according to age and the reasons for the bankruptcies.
Nazri said most of the bankruptcies in the country were due to debts over vehicle loans with 29,338 cases (25 per cent), personal loans 15,299 cases (13 per cent), housing loans 14,327 cases (12 per cent), business loans 13,107 cases (11 per cent), corporate loans 6,127 cases (five per cent).
Guarantors 6,163 cases (five per cent), credit card debts 5,735 cases (five per cent), income tax debts 1,112 cases (one per cent), scholarships 196 cases (zero per cent), and other debts 24,975 cases (21 per cent). — Bernama