Thursday, February 25, 2016

276,753 declared bankrupt last year, says Nancy Shukri

The accumulated number of individuals declared bankrupt stood at 276,753 as of last year, said Minister in the Prime Minister's Department Nancy Shukri. Nancy 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 added that there was an improvement in the repayment process as 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," she said after launching the e-Insolvency portal today. The e-insolvency system, 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." – Bernama, February 26, 2016.]]>

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