SG records 959 bankruptcy filings in Q123

The figure is higher than the application received in Q122.

The number of bankruptcy filings in Singapore has increased year-on-year, jumping to 959 in Q123 from 912 in Q122.

Responding to the Parliament, Alvin Tan, Minister of State, Ministry of Trade and Industry, said applications could also pick up further “as a small segment of more vulnerable borrowers faces higher risks of financial distress amid higher interest rates and slower economic growth.”

Meanwhile, the minister also revealed that there has not been a pick up in property-related foreclosures so far.

In Q123, only five commercial and five residential loans were foreclosed by financial institutions. The average last year was four commercial and 12 residential foreclosures per quarter.