PETALING JAYA: Law and institutional reform minister Azalina Othman Said has refuted claims that youths aged under 25 make up the majority of bankruptcy cases in Malaysia.
Winding up the debate on the amendments to the Insolvency Act today, Azalina said the highest number of bankrupts in the country belong to the 35 to 44 years age group.
“From 2019 to 2023, only 107 people below the age of 25 were declared bankrupt.
“Most are aged between 35 and 44. From 2019 to 2023, there were 13,073 bankrupts in this age group.”
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On the gender breakdown, the minister told the lower house that more men than women were bankrupt.
The house erupted in laughter when she said polygamy was not one of the reasons behind male bankruptcy.
“Between 2019 and 2023, 25,104 men were declared bankrupt compared to 8,912 women.”
Suhaimi Abdullah (PN-Langkawi) interjected and asked her to clarify her statement, whether more polygamous men were bankrupt.
“Earlier, you said that there are a lot of men who are bankrupt. How many (in this category) have opened new branches (have new wives)?” asked Suhaimi.
Azalina said she was not accusing men who have “many branches” of being bankrupt.
“Maybe Langkawi has more experience (when it comes to opening new branches). He’s like my older brother. So, Langkawi, do you have three or four branches?” asked Azalina.
Suhami was heard to reply: “Only two.”
“Oh, only two?” quipped Azalina, leaving the lower house in laughter.
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