Malaysia has one of the most stringent bankruptcy laws in the world, but a review may be in the offing. According to the Malaysia Department of Insolvency, between 2005 and June 2012, a total of 243,823 people have been declared bankrupt in the country.
Shahanaaz Habib, The Star
SAM, an engineer, met Ling when they were both studying in college. They dated for years and even made plans to get married.
When Ling bought a car, Sam stood as her guarantor. But Ling did not pay her monthly instalment and Sam ended up paying it for her. Then one day, to his horror, Sam found out that Ling was in fact engaged to someone else.
Heartbroken, he broke off all contact with her, changed jobs and moved to another state to get over her. But Ling continued her habit of not servicing her car loan till the bank finally repossessed her car and auctioned it off. Even then, there was still a shortfall of RM45,000.
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