According to the latest figures from the Insolvency and Public Trustee’s Office (IPTO), there has been an increase of 27% in the number of companies becoming insolvent in 2014. 246 applications for insolvency were made last year and 161 companies closed down.
As of April 2015, the total number of undischarged insolvent individuals is 22,307. Also in April 2015, it was reported that Singapore’s biomedical manufacturing export crashed 28.6% in a year. Singapore’s property sales number have also taken a beating falling more than 50% in 2014.
What do you think these tell-tale signs says about Singapore’s economy?
You may read more from IPTO’s report here.
Singapore’s BioMedical Manufacturing output crashes 28.6% in a year