CLICK TO ENLARGEPETALING JAYA: A staggering 18 people were declared bankrupt every day in the first five months of 2022, the Insolvency Department has revealed. Its data, posted on its website, showed that between January and May, 2,694 persons were declared bankrupt, bringing the number of bankruptcies in the country to 274,628. ALSO READ: Look before you leap into debtsNearly 60% of those who were declared bankrupt from 2018 until May this year were between 25 and 44 years old. Another alarming fact is that more than 200 of those declared bankrupt since 2018 were aged 25 or younger. Commenting on the data, consumer financial expert Prof Dr Mohamad Fazli Sabri said having 18 people declared bankrupt every day was alarming even though the number might be far lower than previous years.

Source: The Star June 23, 2022 12:32 UTC