Personal bankruptcy hit an 18-year high in Singapore

The surge in bankruptcy applications in Singapore reflects the economic fallout of the pandemic, exacerbated by rising interest rates and inflation. Despite initial government support, businesses and individuals now face shrinking profit margins, supply chain disruptions, and higher living costs. Bankruptcy is Singapore hitting an 18-year high at 3,986. Companies in compulsory liquidation also climbed, with applications reaching 273 in 2023, up 6 per cent from 257 in 2022.

Bankruptcy

With aid phasing out, many are left vulnerable to financial pressures, leading to a spike in bankruptcies. Retrenchments have also surged, highlighting the challenges faced by both businesses and households. The uncertain economic outlook further compounds the situation, underscoring the need for continued support and resilience-building measures in navigating post-pandemic recovery.