Raise the bar for self-declared bankruptcy, govt urged

Jabatan Insolvensi Negeri Selangor — The insolvency department said 330 people declared themselves bankrupt last year, almost double the number the previous year. (Selangor Insolvency Department pic)

PETALING JAYA:

Financial planners have called for a minimum debt level to be imposed for Malaysians who wish to declare themselves bankrupt.

The lack of such a threshold allows those with even small debts to file for bankruptcy and “does leave the system open to potential abuse”, said licensed financial planners V Rajendaran and Saidah Asilah.

They were commenting on a statement by the insolvency department that the number of self-declared bankruptcy cases almost doubled last year, with 330 cases recorded compared to 181 in 2023 and 116 in 2022.

Insolvency director-general…

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Raise the bar for self-declared bankruptcy, govt urged

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