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More firms are going bankrupt, data shows
More applications filed, more firms forced to wind up last year than in each of past 5 years
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Significantly, over the same period from 2005, the annual number of companies compulsorily wound up last year was 287, the highest yearly figure.
ST PHOTO: LIM YAOHUI
Increasingly, companies are going bankrupt, a situation that could be exacerbated by the coronavirus pandemic.
Official figures show corporate insolvency is on the rise, with more applications filed and more companies forced to wind up last year than in each of the past five years. In all, 406 applications for compulsory liquidation were filed last year, up from 312 in 2018, crossing the 400 mark for the first time since 2005, based on records shown on the Law Ministry's Insolvency Office website.
