PETALING JAYA: The Covid-19 pandemic has caused large-scale business losses and closures, leading to many entrepreneurs losing the shirt off their back.
In just the first four months of this year, a total of 2,954 debtors have already been declared bankrupt.
The number would have been higher if not for the many financial packages introduced by the government to cushion the blow on businesses, but according to economists these rescue packages were merely a band aid.
Sunway University economist Dr Yeah Kim Leng had pointed out earlier that initiatives such as the loan moratorium only delayed the inevitable for many businesses.
The moratorium only defers loan repayment to help financially troubled borrowers avoid bankruptcy. Once it is lif…
Read the full article at: https://www.thesundaily.my/local/lack-of-business-closures-causing-many-to-go-bankrupt-XX8275321
