Alvin Tan on bankruptcy and insolvency rates
While individual bankruptcy applications in Singapore rose in 2023, actual bankruptcy orders were lower; indeed, the trend of bankruptcy orders has been largely stable over recent years and below pre-COVID levels. Similarly, applications for compulsory insolvency picked up last year but actual winding-up orders were lower and below or comparable to pre-COVID levels. Monetary Authority of Singapore Board Member Alvin Tan said this in Parliament on Wednesday (Feb 7) in reply to an MP’s questions. He said businesses and individuals have been facing a challenging macroeconomic and financial environment and rising interest rates. However, there has not been any significant uptick in banks’ non-performing loans for households or corporates and stress tests show that most have adequate buffers to manage shocks. Mr Tan elaborated on how borrowers in distress can seek help, as well as the various debt counselling and financial literacy services that are available.
While individual bankruptcy applications in Singapore rose in 2023, actual bankruptcy orders were lower; indeed, the trend of bankruptcy orders has been largely stable over recent years and below pre-COVID levels. Similarly, applications for compulsory insolvency picked up last year but actual winding-up orders were lower and below or comparable to pre-COVID levels. Monetary Authority of Singapore Board Member Alvin Tan said this in Parliament on Wednesday (Feb 7) in reply to an MP’s questions. He said businesses and individuals have been facing a challenging macroeconomic and financial environment and rising interest rates. However, there has not been any significant uptick in banks’ non-performing loans for households or corporates and stress tests show that most have adequate buffers to manage shocks. Mr Tan elaborated on how borrowers in distress can seek help, as well as the various debt counselling and financial literacy services that are available.
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