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http://www.todayonline.com/Business/EDC120103-0000050/Bankruptcy-applications-likely-to-have-risen
Bankruptcy applications likely to have risen
04:47 AM Jan 03, 2012
SINGAPORE - The number of bankruptcy applications received for the first 11 months of 2011 in Singapore has hit 2,129. This is only 73 applications short of the 2,202 applications received for the whole of 2010.
Based on an average of about 190 applications per month for the year, last year could see about 2,300 applications, exceeding the 2010 total.
Still, according to data released by the Insolvency and Public Trustee's Office (IPTO), this is lower than the 3,217 applications received in 2007, the 2,954 applications received in 2008 and the 2,754 applications received in 2009.
The number of applications received in November - 208 - is also lower than the 245 applications received in September, the highest in over 24 months.
There were 1,379 people declared bankrupt in the first 11 months of the year. In 2010, a total of 1,537 people were declared bankrupt.
Data from the IPTO also shows that the number of registered moneylenders have reached 249 in the first 11 months last year. This is an increase from 239 in 2010.
On the upside, the number of companies that will be wound up last year is not likely to be higher than 2010.
According to IPTO data, 102 companies were wound up in the first 11 months last year, or an average of about nine per month. In 2010, a total of 142 companies were wound up.
The number of petitions filed for liquidation so far is 157, or about 14 per month. In 2010, a total of 193 petitions were filed.
The IPTO advises creditors to only start bankruptcy proceedings after all avenues for recovering debts have been explored and proven unsuccessful.
Bankruptcy applications likely to have risen
04:47 AM Jan 03, 2012
SINGAPORE - The number of bankruptcy applications received for the first 11 months of 2011 in Singapore has hit 2,129. This is only 73 applications short of the 2,202 applications received for the whole of 2010.
Based on an average of about 190 applications per month for the year, last year could see about 2,300 applications, exceeding the 2010 total.
Still, according to data released by the Insolvency and Public Trustee's Office (IPTO), this is lower than the 3,217 applications received in 2007, the 2,954 applications received in 2008 and the 2,754 applications received in 2009.
The number of applications received in November - 208 - is also lower than the 245 applications received in September, the highest in over 24 months.
There were 1,379 people declared bankrupt in the first 11 months of the year. In 2010, a total of 1,537 people were declared bankrupt.
Data from the IPTO also shows that the number of registered moneylenders have reached 249 in the first 11 months last year. This is an increase from 239 in 2010.
On the upside, the number of companies that will be wound up last year is not likely to be higher than 2010.
According to IPTO data, 102 companies were wound up in the first 11 months last year, or an average of about nine per month. In 2010, a total of 142 companies were wound up.
The number of petitions filed for liquidation so far is 157, or about 14 per month. In 2010, a total of 193 petitions were filed.
The IPTO advises creditors to only start bankruptcy proceedings after all avenues for recovering debts have been explored and proven unsuccessful.
