Bankruptcy on the rise, says M'sian official
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The issue of bankruptcy is on the rise in Malaysia with around 19,000 people being declared bankrupt yearly, said Minister in the Prime Minister's Department Nazri Aziz.
Nazri said the government had launched the 1Malaysia Fix Capital Xcess (1MFX) Res-Q initiative to serve as an alternative solution for bankrupts to clear their status.
This follows Prime Minister Najib Razak’s announcement at the 63rd Umno General Assembly that the Bankruptcy Act would be reviewed to ease the burden of young working Malaysians.
Nazri said 2011 saw 19,167 Malaysians declared bankrupt, 19,575 became bankrupt in 2012 and another 4,925 as of March, he said.
Bankrupts will be given loans through the RES-Q programme and offered solutions to route them out of bankruptcy.
Among the conditions are that applicants must be Malaysian citizens aged 18 and above, be employed and in no more than 1 million ringgit of debt.
Meanwhile, Nazri came to the defence of Zulkifli Noordin of Perkasa, who was picked to contest the parliamentary seat of Shah Alam under the Barisan Nasional ticket.
“We think he is an individual of principle and a winnable candidate. I like him, he can attract a crowd and is a good speaker,” he said.
