241,740 M'sians declared bankrupt

As of April, 241,740 individuals were declared bankrupt, said Deputy Finance Minister Datuk Donald Lim Siang Chai.

He said, 52,917 of the cases were in Selangor, and 42,843 in the Federal Territory, adding that 70 per cent of the total number of cases involved men.

Of the number, he said the highest involved car loans at 25.21 per cent, followed by personal loans (13.15 per cent), house loans (12.31 per cent), business loans (11.26 per cent) and credit card (4.9 per cent).

Lim was speaking to reporters at the Parliament lobby here Monday.

He said Prime Minister Datuk Seri Najib Tun Razak's recent announcement that the government would review the Bankruptcy Act 1967 which was regarded as too stringent and a burden to the people, was timely.