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Singapore
Applications for bankruptcy rose in the first half of 2024, as did the number of people declared eventually bankrupt, the Straits Times reported. Recent Law Ministry (MinLaw) data shows that 2,334 people filed for bankruptcy in the six months to June 30, up 25 per cent on the same period in 2023, while 594 were later declared bankrupt, an increase of 11 percent. Read more. (Subscription required.)
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Singapore will introduce new curbs on public housing purchases as its new prime minister seeks to tame years of price increases that threaten to become a political flashpoint for his ruling party in upcoming elections, Bloomberg News reported. The measures, which include a lower loan-to-value limit, are aimed at promoting a “stable and sustainable” market, according to a joint statement late Monday from the Ministry of National Development and the Housing & Development Board.
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While bankruptcy applications in Singapore were at an 18-year high in 2023, actual bankruptcy orders, and corporate insolvencies, were lower than the application numbers, and also below pre-COVID levels, Yahoo Finance reported. This was noted in a reply by Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Monetary Authority of Singapore (MAS) board member, in Parliament. There were 3,986 bankruptcy applications made by individuals or their creditors over unpaid debts of more than S$15,000 in 2023.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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