CLOSE to 40% of those who were declared bankrupt are between the ages of 35 and 44, says Minister in the Prime Ministers Department Datuk Seri Azalina Othman Said.
They made up 37.38% or 17,917 individuals who were declared bankrupt as of December last year.
She said a total of 47,929 individuals were declared bankrupt during the same period, of whom 10,378 were under 34 years old.
Personal loans are the main cause of bankruptcy at 49.22% compared to other loans.
Urgent intervention must be done to address the rising number of bankrupts in the country, she said when tabling the Insolvency (Amendment) Bill 2023.
The minister said gender-wise, more men were declared bankrupt compared to women.
A total of 25,104 men were declared bankrupt c…
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