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Fewer business closures in May but experts warn of spike later
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The absence of a surge in closures amid the pandemic is probably because of the time needed for a firm to complete the deregistration process so a spike could come later in the year, experts warned.
ST PHOTO: KELVIN CHNG
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The number of business entities that closed last month was similar to previous months despite the pandemic-induced downturn.
There were 3,706 closures in May - including companies, sole proprietorships and limited liability partnerships - down slightly from April's 3,771, Accounting and Corporate Regulatory Authority (Acra) data noted earlier this month.
