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205 Singapore companies closed down last year

SINGAPORE: Approximately 205 companies had to shut down in 2022, according to the latest data from the Ministry of Law.

The High Court received 238 winding up petition from January to November 2022, compared to 260 applications in 2021.

However, the total number of wind-ups in 2022 was higher, compared to the 191 and 201 shut downs that were recorded for 2021 and 2020 respectively.

Bankruptcy applications for the first 11 months of 2022 likewise increased to 3,380 following two years of decline.

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