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Written reply to PQ on corporate bankruptcies

2 August 2023

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Question

 

Ms Foo Mee Har: To ask the Minister for Trade and Industry (a) whether the wave of corporate bankruptcies around the world in volumes not seen since the aftermath of the 2008 financial crisis is similarly hitting Singapore; and (b) how are Singapore firms coping with inflation and higher borrowing costs.


Written Answer by Minister for Trade and Industry Gan Kim Yong


1. The number of compulsory windings up in Singapore has remained relatively stable over the last 3 years at an average of about 200 cases per year, which is comparable to the past 10-year average. The Government remains committed to supporting businesses to weather near-term challenges and pursue longer-term growth and transformation.


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