Significant increase in bankruptcies and corporate liquidations as economic pressures mount
In 2023, individual bankruptcy applications in Singapore reached an 18-year high, with nearly 4,000 applications filed, reflecting the growing financial pressures faced by both individuals and businesses. The number of applications, including those filed by creditors due to unpaid debts exceeding S$15,000, reached 3,986—the highest since 2005, when 4,078 applications were made. This represents a 9.3% increase from the 3,648 applications filed in 2022.
Alongside the rise in individual bankruptcies, there was also a notable increase in the number of businesses seeking to be liquidated. This trend underscores the mounting financial struggles for both individuals and enterprises in Singapore. The increase in bankruptcies and corporate insolvencies reflects the ongoing economic challenges, including rising costs and financial instability in certain sectors.
