PUTRAJAYA: The accumulated cases involving bankruptcy and winding up of companies increased, with 311,420 cases as of December last year, said Minister in the Prime Minister’s Department Datuk Nancy Shukri.

However, she said individual bankruptcy cases declined from 2014 (22,351) to 2015 (18,457).

“From 2011 to 2015, a total of 46,019 bankruptcy cases have been cleared.

“There is also an improvement in terms of repayments and people coming forward to the Department of Insolvency (MdI),” she said after launching the e-insolvency system, today.

Among the main factors contributing to bankruptcy included personal loans on housing and cars as well credit card debts, Nancy added.

The integrated e-insolvency system features e-payment, JomPAY and Interbank Giro services, and was developed by officers from the Legal Affairs Division together with MdI.

It provides a new platform for people to get information on bankcruptcy, winding up of companies, status search and repayments, as well as allowing those involved to carry out transactions anonymously.

A total of 13 banks including Maybank, Bank Simpanan Nasional, Bank Rakyat, RHB, Bank Islam, Hong Leong Bank, Agro Bank, Affin Bank, Bank Muamalat, Public Bank, HSBC and Ambank are part of the system with Alliance Islamic Bank as the acquiring bank.-nst