The association’s president, Rosland Mohd Arif, said this will happen when bank moratoriums, EPF withdrawals and i-Sinar packages come to an end.

“We have received bankruptcy calls from all over the country. If there are 30 calls a day, that’s 900 a month and 10,800 a year,” he was quoted as saying in an Utusan Malaysia report.

Rosland said he had also received reports from borrowers who claimed they were threatened by loan sharks who charged interest rates as high as 6% a month.

He urged the government to step in and help those with financial difficulties and others facing bankruptcy before they are forced to look to loan sharks for help.

“We are willing to work with the government in resolving these bankruptcy and debt issues by acting as consultants so that they are not chased by the bank or other parties,” he said.