More than 200 business firms in Singapore shut down in 2022

The Ministry of Law in Singapore reported that as many as 205 companies were forced to shut down last year, which was higher than the number of compulsory wind-ups in 2021 and 2020, when 191 and 201 companies, respectively, were forced to shut for good. The High Court also received 238 applications to wind up companies from January to November 2022, which is slightly below the full-year figure of 260 applications filed in 2021, but more than the 224 applications filed in 2020. The number of bankruptcy applications filed in the first 11 months of 2022 also reached a high of 3,380, close to 2019 levels after two years of decline. Singapore began reopening its borders in April last year, after almost two years in isolation as it fought to keep Covid-19 infections down.