PUTRAJAYA (March 30): The rising trend of individuals declaring bankruptcy voluntarily is becoming a growing concern, signalling that many are struggling with severe financial difficulties.
In recent years, more people have opted to declare themselves bankrupt through a Debtor’s Petition, a legal process filed in court to protect themselves from excessive creditor claims.
Expressing concern over this trend, Insolvency Department director general Datuk M Bakri Abd Majid revealed that self-declared bankruptcy cases surged by 200%, with 330 cases recorded in 2024, compared to 181 in 2023 and 116 in 2022.
“We’re seeing a rise in individuals declaring bankruptcy because they feel that they cannot repay their debts.
“Some…
