PUTRAJAYA – The accumulated number of individuals declared bankrupt stands at 276,753 as of last year said Minister in the Prime Minister’s Department Nancy Shukri.
Nancy Shukri said as of last year, 46,019 individuals were also cleared.
She said individual bankruptcy cases declined from 22,351 in 2014 to 18,457 in 2015.
She said there was an improvement in the repayment process as more and more people were coming forward to the Department of Insolvency in an effort to clear their arrears.
“Among the main contributing factors to bankruptcy was non-payment of personal loans, housing and car loans as well as credit card debts,” said Nancy Shukri after launching the e-Insolvency portal here Friday.
The e-insolvency system which was initiated last May, provides an e-payment service, JomPAY and Interbank Giro services.
“It provides a new platform for people to get information on bankruptcy, winding up of companies, status search and repayment,” she said.
“As of December last year, more than 20,000 clients had used the services to pay RM567,000. The online payment will enhance the process of updating the bankruptcy ledger compared with the manual system of payment,” she said. – BERNAMA