Among the top causes of bankruptcy in Brunei are failures to repay loans or declaring insolvency to avoid paying compensation.
There were 243 receiving orders and 51 adjudication orders in 2021, compared to 235 receiving orders and 118 adjudication orders last year.
This was disclosed by Minister at the Prime Minister’s Office Minister and Minister of Defence II Yang Berhormat Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi bin Haji Mohd Yussof during the 19th Legislative Council (LegCo) session yesterday.
It was in response to Wednesday’s query by LegCo member Yang Berhormat Pehin Orang Kaya Johan Pahlawan Dato Seri Setia Haji Awang Adanan bin Begawan Pehin Siraja Khatib Dato Seri Setia Haji Mohd Yusof on the number of bankruptcy cases.
The minister added that statistics show one case for sole proprietor in 2021 while three for last year.