Latest news with #SecondChancePolicy
Sinar Daily
8 hours ago
- Business
- Sinar Daily
Govt targets 200,000 individuals to be discharged from bankruptcy this year
So far, approximately 186,000 individuals have been successfully released from the problem. 23 Jun 2025 03:21pm Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said - Photo by Bernama SHAH ALAM - The government is targeting 200,000 individuals to be discharged from bankruptcy by the end of this year. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said that so far, approximately 186,000 individuals have been successfully released from the problem. She said the record was obtained by the Malaysian Insolvency Department following the government's efforts in giving a second chance to the affected group to continue their lives. "We hope by the end of the year, we can give a calculation (people released from bankruptcy status). So in total we hope to target 200,000 this year," she said. Photo for illustration purposes only. She told reporters after the launch of the Financial Literacy Programme for Public Higher Education Institutions (IPTA) and Private Higher Education Institutions (IPTS) in 2025 by Malaysian Insolvency Department at Universiti Teknologi Mara (UiTM) Shah Alam today. Also present was UiTM vice-chancellor Prof Datuk Dr Shahrin Sahib @ Shabuddin. When tabling Budget 2025, Prime Minister Datuk Seri Anwar said the Second Chance Policy would be expanded to young people aged 40 and below who have debts not exceeding RM200,000 starting last year. Meanwhile, Azalina said a total of 25,578 bankruptcy cases were recorded from 2021 to May 2025 from the age of under 25 to 55 and above. Of that total, she said, 10,145 bankruptcy cases were recorded involving the 35 to 44 age group. She said that by gender, men recorded higher bankruptcy cases than women, at 18,590 during the same period. Meanwhile, Azalina said the programme organised today was one of the proactive steps taken by the Madani government in bringing laws and knowledge related to financial management and literacy to the people, especially students of higher learning institutions who are about to enter the working world. About 1,000 students from public and private universities and colleges were involved in the one-day programme. - BERNAMA Malaysian Insolvency Department
The Sun
11 hours ago
- Business
- The Sun
Malaysia aims to discharge 200,000 bankruptcies by 2025
SHAH ALAM: The government is targeting 200,000 individuals to be discharged from bankruptcy by the end of this year. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said that so far, approximately 186,000 individuals have been successfully released from the problem. She said the record was obtained by the Malaysian Insolvency Department following the government's efforts in giving a second chance to the affected group to continue their lives. 'We hope by the end of the year, we can give a calculation (people released from bankruptcy status). So in total we hope to target 200,000 this year,' she said. She told reporters after the launch of the Financial Literacy Programme for Public Higher Education Institutions (IPTA) and Private Higher Education Institutions (IPTS) in 2025 by Malaysian Insolvency Department at Universiti Teknologi Mara (UiTM) Shah Alam today. Also present was UiTM vice-chancellor Prof Datuk Dr Shahrin Sahib @ Shabuddin. When tabling Budget 2025, Prime Minister Datuk Seri Anwar said the Second Chance Policy would be expanded to young people aged 40 and below who have debts not exceeding RM200,000 starting last year. Meanwhile, Azalina said a total of 25,578 bankruptcy cases were recorded from 2021 to May 2025 from the age of under 25 to 55 and above. Of that total, she said, 10,145 bankruptcy cases were recorded involving the 35 to 44 age group. She said that by gender, men recorded higher bankruptcy cases than women, at 18,590 during the same period. Meanwhile, Azalina said the programme organised today was one of the proactive steps taken by the MADANI government in bringing laws and knowledge related to financial management and literacy to the people, especially students of higher learning institutions who are about to enter the working world. About 1,000 students from public and private universities and colleges were involved in the one-day programme.
Barnama
12 hours ago
- Business
- Barnama
Govt Targets 200,000 Individuals To Be Discharged From Bankruptcy This Year
SHAH ALAM, June 23 (Bernama) -- The government is targeting 200,000 individuals to be discharged from bankruptcy by the end of this year. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said that so far, approximately 186,000 individuals have been successfully released from the problem. She said the record was obtained by the Malaysian Insolvency Department following the government's efforts in giving a second chance to the affected group to continue their lives. "We hope by the end of the year, we can give a calculation (people released from bankruptcy status). So in total we hope to target 200,000 this year," she said. She told reporters after the launch of the Financial Literacy Programme for Public Higher Education Institutions (IPTA) and Private Higher Education Institutions (IPTS) in 2025 by Malaysian Insolvency Department at Universiti Teknologi Mara (UiTM) Shah Alam today. Also present was UiTM vice-chancellor Prof Datuk Dr Shahrin Sahib @ Shabuddin. When tabling Budget 2025, Prime Minister Datuk Seri Anwar said the Second Chance Policy would be expanded to young people aged 40 and below who have debts not exceeding RM200,000 starting last year. Meanwhile, Azalina said a total of 25,578 bankruptcy cases were recorded from 2021 to May 2025 from the age of under 25 to 55 and above. Of that total, she said, 10,145 bankruptcy cases were recorded involving the 35 to 44 age group.
The Star
13 hours ago
- Business
- The Star
Govt aims for 200,000 individuals to be discharged from bankruptcy in 2025
SHAH ALAM: The government is targeting 200,000 individuals to be discharged from bankruptcy by the end of this year. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said that so far, approximately 186,000 individuals have been successfully released from bankruptcy. She said the record was obtained by the Malaysian Insolvency Department following the government's efforts in giving a second chance to the affected group to continue their lives. "We hope by the end of the year, we can give a calculation (people released from bankruptcy status). So in total, we hope to target 200,000 this year," she said. She told reporters after the launch of the Financial Literacy Programme for Public Higher Education Institutions (IPTA) and Private Higher Education Institutions (IPTS) in 2025 by Malaysian Insolvency Department at Universiti Teknologi Mara (UiTM) Shah Alam on Monday (June 23). Also present was UiTM vice-chancellor Prof Datuk Dr Shahrin Sahib @ Shabuddin. When tabling Budget 2025, Prime Minister Datuk Seri Anwar said the Second Chance Policy would be expanded to young people aged 40 and below who have debts not exceeding RM200,000, starting last year. Meanwhile, Azalina said a total of 25,578 bankruptcy cases were recorded from 2021 to May 2025 from the age of under 25 to 55 and above. Of that total, she said, 10,145 bankruptcy cases were recorded involving the 35 to 44 age group. She said that by gender, men recorded higher bankruptcy cases than women, at 18,590 during the same period. Meanwhile, Azalina said the programme organised on Monday was one of the proactive steps taken by the Madani government to bring laws and financial management knowledge and literacy to the people, especially students of higher learning institutions who are about to enter the working world. About 1,000 students from public and private universities and colleges were involved in the one-day programme. - Bernama
New Straits Times
15 hours ago
- Business
- New Straits Times
Insolvency Department aims to release 200,000 from bankruptcy by end of 2025
SHAH ALAM: The Insolvency Department aims to release 200,000 individuals from bankruptcy by year-end, Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. She said so far, 186,000 individuals had been discharged, allowing them a fresh start in life. "Last year, we discharged 180,000 individuals. So far, the number discharged is 186,000. We hope to reach a total of 200,000 by the end of the year. "We are trying to expedite this process as it is a directive from the prime minister under the Second Chance Policy," she told reporters after the launch of the Financial Literacy Programme at Public and Private Higher Learning Institutions, held at Universiti Teknologi Mara. Under the policy, it aims to discharge bankruptcy for young individuals aged 40 and below with debts not exceeding RM200,000. Last year, Prime Minister Datuk Seri Anwar Ibrahim stated that people fell into bankruptcy due to various factors, including recklessness, business mistakes, a slow economy, and the Covid-19 pandemic. Meanwhile, Azalina said that from 2021 to May this year, a total of 25,578 individuals were declared bankrupt. Of the total, 70 were individuals aged below 25 years old; 25 to 34 year-old (3,725 individuals); 35 to 44 year-old (10,145 individuals); 45 to 54 year-old (7,256 individuals); 55 years old and above (4,222 individuals), and 160 individuals had no information recorded. Over the same period, men recorded the highest number of bankruptcies with 18,590 individuals, while women at 6,903 individuals and 85 individuals had no information recorded. Earlier in her speech, Azalina said the Madani government continuously strives to enhance the level of financial literacy among Malaysians to build financial resilience and ensure the wellbeing of the people in the future. "This is in line with the principle of ensuring human wellbeing under the strategic pillars of Malaysia Madani. "Therefore, this literacy programme that we are holding today is one of the proactive steps taken by the government to bring laws and knowledge related to financial management and literacy to the people, especially students in institutions of higher learning who are about to enter the workforce and the real world. "Strong financial literacy is crucial to prevent today's youth from falling into serious debt." Azalina added that, according to the records from the department, the majority of current bankruptcy cases involve young people. "We are concerned that if the younger generation, who are the future of the nation, face serious debt issues and eventually fall into bankruptcy, it will be detrimental to the country." Present at the event were the Insolvency Department deputy director Azwarnida Affandi and Universiti Teknologi Mara vice-chancellor Professor Datuk Dr Shahrin Sahib. Ends
