Number of compulsory wind-ups rises after two-year fall; over 200 businesses shut in 2022
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AS MANY as 205 companies were forced to wind up last year, according to figures released by the Ministry of Law.
This was higher than the number of compulsory wind-ups in 2021 and 2020, when 191 and 201 companies, respectively, were forced to shut for good.
The High Court also received 238 applications to wind up companies from January to November 2022, which is slightly below the full-year figure of 260 applications filed in 2021, but more than the 224 applications filed in 2020.
The number of bankruptcy applications filed in the first 11 months of 2022 also reached a high of 3,380, close to 2019 levels after two years of decline.
Over 800 bankruptcy orders were issued last year, and this resulted in about 908 bankruptcy discharges. The number of actual bankruptcies differs from the number of orders because each bankruptcy order sometimes results in more than one bankruptcy discharge.
Singapore began reopening its borders in April last year, after almost two years in isolation as it fought to keep Covid-19 infections down.
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Since reopening, however, rising inflation rates coupled with geopolitical headwinds have created pressures for business owners.
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