Bankruptcy Among Youth
1.0 INTRODUCTION
Young generation is an important asset to developing country like Malaysia since they will continue to achieve the vision and mission of Malaysia. They need to be survived and struggle in order to be useful to this country. However, Malaysian youth are becoming increasingly reckless with spending especially by the convenience offered by credit card. It is due to the desire to purchase everything that they want making them easily to involve with the loan. As the result, many youth where below than age 30 were involves with bankruptcy. According to Credit Counseling and Management Agency in New Straits Times (2011), an average of 41 Malaysians are declared bankrupt daily, with the majority failing to make repayment for car purchase loan. Here, bankruptcy becoming the serious issues toward many youth nowadays.
Insolvency Department of Malaysia has taken the responsibility as premier government agency leading the national administration and regulation of insolvency and bankruptcy matters in Malaysia. It was govern by Bankruptcy Act 1967, Companies Act 1965, Societies Act 1984 and Trade Unions Act 1959. Insolvency Department also plays the role as helper for companies and individuals with the financial problems by introducing relief mechanisms as well as reviewing the current minimum limit for bankruptcy (Gita Radhakrishna, 2012).
Bankruptcy was the term that brings a negative vision to the mind of every people all over the world. The firm or individual might face a lot of difficulties such as for some cases, they need to give up all his or her belongings and asset and being not allowed to make any loan from bank. Once declared bankrupt, life would very tough because their name would be blacklisted in the Central Credit Reference Information System (The Star, 2010). It has been included in Malaysian budget (2011) announcement, where it was stated that the recent economic crisis saw a number of businessmen and individuals with financial problems being
Young generation is an important asset to developing country like Malaysia since they will continue to achieve the vision and mission of Malaysia. They need to be survived and struggle in order to be useful to this country. However, Malaysian youth are becoming increasingly reckless with spending especially by the convenience offered by credit card. It is due to the desire to purchase everything that they want making them easily to involve with the loan. As the result, many youth where below than age 30 were involves with bankruptcy. According to Credit Counseling and Management Agency in New Straits Times (2011), an average of 41 Malaysians are declared bankrupt daily, with the majority failing to make repayment for car purchase loan. Here, bankruptcy becoming the serious issues toward many youth nowadays.
Insolvency Department of Malaysia has taken the responsibility as premier government agency leading the national administration and regulation of insolvency and bankruptcy matters in Malaysia. It was govern by Bankruptcy Act 1967, Companies Act 1965, Societies Act 1984 and Trade Unions Act 1959. Insolvency Department also plays the role as helper for companies and individuals with the financial problems by introducing relief mechanisms as well as reviewing the current minimum limit for bankruptcy (Gita Radhakrishna, 2012).
Bankruptcy was the term that brings a negative vision to the mind of every people all over the world. The firm or individual might face a lot of difficulties such as for some cases, they need to give up all his or her belongings and asset and being not allowed to make any loan from bank. Once declared bankrupt, life would very tough because their name would be blacklisted in the Central Credit Reference Information System (The Star, 2010). It has been included in Malaysian budget (2011) announcement, where it was stated that the recent economic crisis saw a number of businessmen and individuals with financial problems being
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