LABUAN, Jan 30 — The Department of Insolvency has recorded a total of 265,564 cases of bankruptcy throughout last year, with Selangor being the state with the highest number with 63,767 cases.
The second highest was Federal Territory with 44,532 cases followed by Johor with 37,151 cases.
Minister in the Prime Minister’s Department Nancy Shukri said the government was serious about the situation and an awareness drive is required to reduce the number.
She said the government has come up with an initiative to reduce the number with the introduction of a financial education forum through a program dubbed as ‘Jerayawara’.
“The programme is to educate people on financial management and planning. Financial and credit education is the answer to many of the financial problems people face today,” she said at a press conference after officiating Forum on Financial Education in Labuan here today.
She said the programme also focused on four groups of people such as students of higher learning institutions, fresh workers, newly-weds and retirees.
Nancy said the government, through the Credit Counselling and Debt Management Agency (AKPK), Amanah Raya Berhad and Department of Insolvency, is committed to assist those with bankruptcy cases in providing counselling and planning. — Bernama
