KUALA LUMPUR: A total 122,169 Malaysians were declared bankrupt between 2007 and 2013 based on records at the Department of Insolvency, the Dewan Rakyat was told today.

Minister in the Prime Minister's Department Nancy Shukri said the figure had increased annually, with 13,238 in 2007; 13,855 in 2008; 16,228 in 2009; 18,119 in 2010; 19,167 in 2011; 19,575 in 2012 and 21,987 in 2013.

A total 26.54% of the bankruptcies were due to the inability to settle the hire-purchase payment for vehicles, which involved 33,570 people from 2007.

Minister in the Prime Minister's Department Nancy Shukri said the figure had increased annually, with 13,238 in 2007; 13,855 in 2008; 16,228 in 2009; 18,119 in 2010; 19,167 in 2011; 19,575 in 2012 and 21,987 in 2013.

A total 26.54 per cent of the bankruptcies were due to the inability to settle the hire-purchase payment for vehicles, which involved 33,570 people from 2007, he said when replying to a question from Ahmad Nazlan Idris (BN-Jerantut).

Nancy said she had set a Key Performance Index (KPI) target to reduce the number of bankruptcies in the country.

The government, through the Department of Insolvency, had held several outreach programmes to check the rise in the number of bankruptcies by creating an awareness of financial management in the people, she added..