More Than 11,000 Declared Bankrupt in Malaysia Since March 2020

More than 11,000 people were declared bankrupt in Malaysia since the pandemic struck in March 2020, the New Straits Times reported. Minister in the Prime Minister's Department(Parliament & Law), Datuk Seri Dr Wan Junaidi Tuanku Jaafar told the Dewan Rakyat that the Insolvency Department recorded 11,207 cases of bankruptcy between March 2020 and October 2021. He said that there were 6,344 cases recorded between March to Dec 2020 and 4,863 cases recorded between Jan to Sept 2021. Wan Junaidi said that it takes around a year from default in payments to see the true effect of Covid-19 on debtors as their lenders can only petition for bankruptcy proceedings/filings to take place six months after the person is found to be insolvent. Read more.