Up till January this year, Malaysian Department of Insolvency (MDI)statistics revealed a total of 255,385 bankruptcy cases throughout the country. 13,872 of these cases are in Sarawak.
Of 13,872, Kuching recorded the most bankruptcies, followed by Miri at 4,167 cases, and Sibu with 2,593 cases. The individuals are declared bankrupt by the MDI after failing to manage their financial commitment such as their car loans, personal loans and housing loans.
These statistics revealed a huge increase in the number of those declared bankrupt since 2007. They also revealed that young people are increasingly being declared bankrupt. The reasons for bankruptcy is due to failing to paying car loans, housing loans & personal loans, in that order.
Most Bankrupts : Miri Top 20
Source