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New bankruptcy cases hit four-year high

Overspending, business failure and unemployment cited as main reasons

Published on Feb 17, 2014 8:04 AM
 
The number of people made bankrupt last year rose by 14 per cent to reach 1,992 - the highest since 2009. -- ST FILE PHOTO: WANG HUI FEN

The number of people made bankrupt last year rose by 14 per cent to reach 1,992 - the highest since 2009.

The Insolvency and Public Trustee's Office (IPTO) under the Ministry of Law gave general reasons for the rise: overspending, business failure and unemployment.

Certainly, the overall jobless rate has risen - from 1.8 per cent at end-2012 to 2.2 per cent in June last year, according to the Ministry of Manpower.

The business environment also got tougher last year.

 
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