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More bankrupt youths
14/10/2010
 
SOME 1,046 out of 83,389 bankruptcy cases recorded since 2005 by the Insolvency Department involved youths under 25 years old, Deputy Minister in Prime Minister’s Department Datuk Liew Vui Keong said.

He said of the total, 487 or 46.5% of them were declared bankrupt for failing to settle vehicle loans, while 354 (33.8%) were for personal loans.

Liew said other bankruptcy cases mostly involved failure to settle business or housing loans, while six cases involved failure to repay income tax and two others failed to repay study loans.

"Some became bankrupt for becoming guarantors; failing to settle credit card payments, scholarships or education loans," he said when replying to a question by Aaron Ago Anak Dagang (BN — Kanowit).

Liew said the department was reviewing bankruptcy laws with the aim of strengthening them and spurring economic growth.

Initiatives implemented include 61 "Outreach and Awareness" programmes to brief people on the adverse effects of bankruptcy and how to overcome it.

"This resulted in a 44.6% reduction to 139 bankruptcy cases among 25 year olds over the first seven months compared to 251 cases for the corresponding period last year," he said.

Liew also urged those who were facing bankruptcy problems to approach the department for help.

He added that the department was also looking into tightening the bankruptcy declaration procedures as well as introducing alternatives other than declaring an insolvent person a bankrupt.

The Star
 
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