In Putrajaya, Insolvency Department Director-General Datuk M. Bakri Abd Majid raised alarms over a growing trend of self-declared bankruptcies, signaling widespread financial distress. He noted a spike in Debtor’s Petition cases—330 in 2024, up from 181 in 2023 and 116 in 2022—as people seek relief from crushing debts. “Some opt for bankruptcy to slash repayments, like from RM2,000 to RM200 monthly,” he told Bernama. With no minimum debt threshold required, the process is vulnerable to misuse, prompting the department to review it. Bakri stressed the urgency of addressing this surge to safeguard Malaysia’s struggling borrowers.
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