KUALA LUMPUR – A total of 1,100 youths in the country, aged between 18 and 35, have been declared bankrupt in just six months from March to September this year.
Minister in the Prime Minister’s Department (Law) Datuk Takiyuddin Hassan however said all these cases are unrelated to the Covid-19 pandemic.
He said that the true impact of the pandemic on debtors was still unclear, since creditors can only file a bankruptcy petition against debtors if the act of bankruptcy occurred within six months before the presentation of the petition.
“To see the true impact of Covid-19 on debtors, it will take at least a year, especially as a moratorium was given for a six-month period,” he said in a parliamentary reply today.
Takiyuddin was responding to Steven Sim Chee Keong (PH-Bukit Mertajam) who wanted to know the number of youths who have been declared bankrupt since March, and the reason behind them.
According to the minister, the state with the number of highest youth bankruptcy is Selangor with a total of 266 cases, followed by Sabah (139), Johor (131), Kuala Lumpur (109), Sarawak (91), and Perak (86).
Perlis and Kedah have the least number of youth bankruptcies, with eight and 14 cases respectively. – The Vibes, November 11, 2020
