Govt data shows inability to pay debts reason over 6,000 companies shut down since 2018

KUALA LUMPUR, June 23 — The number one reason given by a total of 6,291 out of 6,294 companies that ceased operations between 2018 to May 2022 cited an inability to pay off debts for their closure, according to the latest statistics report on the Insolvency Department’s website.

Most of the businesses that were forced to shut down were based in the three Federal Territories of Kuala Lumpur, Putrajaya and Labuan , followed by Selangor . In a news report published today, Associated Chinese Chambers of Commerce and Industry of Malaysia small and medium enterprises committee chairman Koong Lin Loong told“Some might have wanted to cut down their operating costs so they reduced the number of outlets; or maybe they started small businesses during the movement control order, so now that they can continue with their previous jobs, they decided to close down businesses,” he reportedly said.

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