A total of 10,317 people were declared bankrupt during the implementation of MCO!
Prime Minister Datuk Seri Ismail Sabri pointed out that 10,317 people were declared bankrupt from March last year to July this year. Selangor has the largest number of bankruptcies.
Ismail quoted the data of the Malaysian Department of Insolvency (MdI). During the MCO period, there were 2,555 Selangor people who went bankrupt, 1,288 in the Federal Territory and 792 in Johor. There were 1,246 companies that went bankrupt during MC.
The government has raised the threshold of bankruptcy from the previous 50,000 to RM 100,000. When a person owes more than RM 100,000 but cannot repay it, he can be sued by creditors and sentenced to poverty. After a person is sentenced to bankruptcy, the court and the government will appoint a bankruptcy director to supervise the financial affairs of the bankrupt and use the property as much as possible to pay his debts. After being sentenced to bankruptcy, he will not be allowed to go abroad unless he is approved by the Bankruptcy Director or the court.
Bankruptcy people’s bank accounts will be frozen, except for the accounts of users whose monthly salary is remitted. The credit card spending amount cannot exceed RM 1,000. The bankruptcy director will try his best to sell the bankrupt’s property to pay off debts. Bankrupt persons cannot act as lawyers, accountants, doctors or quantity surveyors.
