SINGAPORE: Bankruptcies rise to new high

Posted by under Labour Watch on 3 February 2005

As of Dec 31, the number of bankrupt people hit a new record high of 21,434. Bankruptcy orders were made against 4317 individuals and 167 firms.

Bankruptcies rise to new high of 21,434 in December
TODAY, Singapore
January 19, 2005

THE number of undischarged bankrupts in Singapore continued to increase in December despite strong economic growth and falling unemployment, government data showed yesterday.

As of Dec 31, the number of bankrupt people hit a new record high of 21,434, up from the previous peak of 21,226 at the end of November, according to data published on the Ministry of Law's website.

Petitions for bankruptcy rose to 383 from 348 in November, while the number of bankruptcy orders made against individuals climbed to 347 in December from 319 the month before. For the whole of 2004, the courts received 5404 petitions for bankruptcies, while bankruptcy orders were made against 4317 individuals and 167 firms.

According to official estimates, Singapore's economy grew 8.1 per cent last year after inching up 1.1 per cent in 2003. The unemployment rate fell to a three-year low of 3.4 per cent in the July-to-September quarter last year from 4.5 per cent at the end of 2003. Dow Jones

Sources and Relevant Links:

Think Centre Singapore sees record high bankruptcy in 2003


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