Johor Insolvency Department to release 13,700 from bankruptcy by year-end

The Star

The Johor Insolvency Department will issue certificates to some 13,700 individuals this year under the second chance policy to release them from their bankruptcy status.  Its director Juanita Mohd Said stated that this follows amendments made to the Insolvency Act (Amended) 2023 (A1695), which had been enforced since Oct 6 last year.  Read more at https://shorturl.at/eOsVU  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00 This program is a series of the insurgency exploration all over Malaysia that we are doing.

00:05 And today we are doing it for Johor province in Kota Tinggi.

00:09 This program is the government's desire to introduce and expand the second base of opportunities that has been introduced by the government

00:19 to bring us closer to the community and also give a second chance to the former bankruptcy group.

00:24 Today, for Kota Tinggi in the field of Sungai Masar, we have called 10 former bankruptcy people

00:30 who have benefited from this second base of opportunities and they have come to receive the seal of the head of the insurgency.

00:37 How many total have received the seal?

00:40 For the whole of Johor province, the number of active cases we have now is around 26,000 cases.

00:46 For this year, we estimate the release of bankruptcy to be 13,700.

00:54 And as of June this year, we have released more or less 7,000 cases

00:58 with around 56% of the total cases that we have registered in the new Johor MBI.

01:04 Okay, the number of cases we have is around 26,000.

01:07 How long has this been going on?

01:09 Our record is 20, 20, 20, 20, 20, 20, the most recent one until now there are 26,000 cases.

01:14 If you follow the overall, we have been around since the 70s.

01:18 But the active ones are mostly in the majority of the year 2020.

01:23 How old are the majority of the people?

01:26 As we have discussed earlier with the residents of Rizal and Sungai Mas,

01:32 the majority of the age group is around 35 to 45 years old.

01:39 That is more or less in the 40% of the total cases.

01:43 That is not only in Johor, but also throughout Malaysia.

01:46 If we look at our statistics, the main factor contributing to the bankruptcy is personal debt.

01:55 And also debts that we call living expenses.

01:58 Personal debts, rental, vehicle, all of this is more or less 45% of the total cases.

02:10 Has the bankruptcy trend increased after COVID?

02:14 The number of businesses has increased, right?

02:17 Yes.

02:18 So, what is the reason?

02:21 After COVID, we are aware that the situation has caused many individuals and businesses

02:30 that are affected by the COVID pandemic.

02:34 Because of this factor, the Chinese government and the people's representatives have introduced

02:42 a number of measures to increase the value of the bankruptcy.

02:47 That is to 100,000.

02:49 Previously, it was 50,000.

02:51 So, when we increase it to 100,000, the number of new cases registered is low.

02:58 Those who benefit the most are those who have an active case to be released from bankruptcy.

03:05 For those who owe less than 100,000, even though they are not bankrupt,

03:11 the law provides other ways for creditors to claim their debts.

03:18 There are many ways that we call it as a practice.

03:21 But with the CGL, they still have debts.

03:24 That's right.

03:25 They...

03:26 They just have to pay the bankruptcy.

03:28 For debts that have been filed with the Transportation Department, the debts are over.

03:36 But as I said earlier, there are other ways to pay their debts.

03:43 But to be released from bankruptcy, it gives a breath of relief for those who have taken the responsibility.

03:50 Thank you.

03:51 [END]

03:53 Transcription by CastingWords

03:57 [BLANK_AUDIO]

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