Some 1,046 bankruptcy cases involving under 25-year-olds have been recorded from 2005 until July this year, Dewan Rakyat was told today.

Deputy Minister in the Prime Minister's Department Liew Vui Keong said of the total, 487 or 46.5 percent were declared bankrupt for failing to settle vehicle while 354 (33.8 percent) for personal loans.

credit card swipe 070605 "Some became bankrupt for becoming guarantors, failing to settle credit card payments, scholarships or education loans," he said when replying to a question by Aaron Ago Dagang (BN-Kanowit).

Liew said the Insolvency Department was reviewing bankruptcy laws aimed at strengthening them and to spur economic growth.

Initiatives implemented inlcude 61 "Outreach and Awareness" programmes to brief people on the adverse effects of bankruptcy and how to overcome it.

"This resulted in 44.6 percent reduction to 139 bankruptcy cases among 25 year-olds over the first seven months compared to 251 cases for the corresponding period last year."

Liew also told Parliament that 83,389 bankruptcy cases were recorded over the past five years.

- Bernama