More People Are Turning To Bankruptcy Protection In Singapore As The Economy Slows

News Asia 360

As of November this year, the number of applications increased drastically and has already exceeded last year’s total. The bankruptcy protection applicants, which riled up to a total of 3,380 people this year, has exceeded the number from the previous years, thanks to the COVID-19 pandemic.

Based on the law, the bankrupt’s debt will be frozen once the application is successful. When this happens, there will be no more legal action against the person. The bankrupt must then make the monthly payments which details to be taken care of by the Official Assignee.

There are various factors that contribute to the growth. Among them is the economy slowing down, inflation, increasing interest rates, the COVID-19 pandemic and unsustainable business models. 2022 is seeing less than 1,000 bankrupts discharged from bankruptcy. It means they’ve settled their debt in full and the creditors have accepted the settlement.

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