KUALA LUMPUR (Oct 17): Malaysia saw 2,507 bankruptcy cases discharged from the Malaysia Department of Insolvency (MDI) in the first eighth months of this year (8M2019), according to Minister in Prime Minister Department, Datuk Liew Vui Keong.

Liew told the Dewan Rakyat today that as at August this year, the number of bankruptcies recorded in MDI system have dropped to 300,908.

Earlier this year, Liew reportedly told Dewan Rakyat that Malaysian bankruptcies amounted to 303,415 cases at end-2018.

Today, Liew said the government has made various efforts to reduce the rate of bankruptcy cases in Malaysia.  

“It is undeniable that today's youth is influenced by the latest trends that are causing them to spend beyond their means. Among the Government's measures and strategies to help these groups are to raise awareness and understanding of the consequences of bankruptcy. This awareness can be conveyed through education of prudent spending approach,” he said.

In terms of new bankruptcy filed with MDI, Liew updated that there were 7,871 new cases in 8M2019, 16,482 cases in 2018, 18,227 cases in 2017, 19,588 cases in 2016, and 18,457 cases in 2015.

Of these new bankruptcies between 2015 to August 2019, Liew said 0.6% are people below 25 years old, 25.3% are those aged between 25 to 34, 35% aged between 35 to 44, 25.3% from the 45-54 age group, 13% from 55 years old and above, while MDI has no age information for the remaining 0.8%.