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.
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.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!