Individual bankruptcy applications at 18-year high in 2023; more applying for corporate insolvency

INDIVIDUAL bankruptcy applications stood at an 18-year high of nearly 4,000 in Singapore in 2023, while applications for companies to be compulsorily liquidated also climbed.

The number of individual bankruptcy applications made either by the individuals themselves or by their creditors over unpaid debt of more than S$15,000 reached 3,986 last year – the highest since 2005, when 4,078 applications were filed.

The latest figure is 9.3 per cent higher than the 3,648 individual bankruptcy applications made in 2022.