A total of 31,140 individuals aged 35 and below have been officially registered as bankrupts between 2014 and May 2023, as per the Malaysian Insolvency Department (MDI) records, according to Deputy Minister in the Prime Ministers Department (Legal and Institutional Reform) Ramkarpal Singh.
Taking note of this concerning situation, he said the government has taken various measures to address the issue.
One such initiative is the implementation of bankruptcy discharge for those individuals declared bankrupt with debts below RM50,000, given they meet the required conditions starting from March 1 of this year.
Ramkarpal mentioned that MDI has made amendments to Section 5(1)(a) of the Insolvency Act 1967 (Act 360) through the Insolven…
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