PUTRAJAYA: The rising trend of people declaring themselves bankrupt is a concern as it shows many are struggling with severe financial difficulties, says the Insolvency Department director-general Datuk M. Bakri Abd Majid.
In recent years, more people have opted to declare themselves bankrupt through a Debtor’s Petition, a legal process to protect themselves from excessive creditor claims.
Expressing concern over this trend, the Insolvency DG said there were 330 self-declared bankruptcy 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…
