SINGAPORE: The post-pandemic economic picture has not been favorable, with rising people interest rates and inflation putting financial strain on both firms and consumers.
According to data from the Ministry of Law’s Insolvency Office, personal bankruptcy applications in Singapore increased significantly in 2023, reaching an 18-year high of 3,986.
Companies under compulsory liquidation also increased, with applications totaling 273 in 2023, up 6% from 257 in 2022.
When it comes down to it, filing for bankruptcy is sometimes viewed as a last resort – a stigmatized step exacerbated by financial difficulties and unexpected adversity.
So, why do people file for bankruptcy, and what is driving the growth in bankruptcy petitions in Singapore?
Investigating this demonstrates an interplay of economic forces following the COVID-19 epidemic.
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