Companies in compulsory liquidation also climbed, with applications reaching 273 in 2023, up 6 per cent from 257 in 2022.
When it comes down to the wire, the decision to file for bankruptcy is often regarded as a last resort - a move laden with stigma, burdened by financial struggles and unforeseen adversities.
So why do people file for bankruptcy, and what is behind the rise of bankruptcy applications in Singapore?
Delving into this reveals an interplay of economic factors in the aftermath of the COVID-19 pandemic.