Bankruptcy Filings Hit 17-year High
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2020-06-19 HKT 16:06
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New government data on Friday showed that bankruptcy filings have hit a 17-year high amid an ongoing economic recession.
The Official Receiver's Office had 2,079 petitions last month – the highest since May 2003.
And the number of compulsory windings-up also hit the highest since July 2009, standing at 68.
While economists contributed the rise to the coronavirus pandemic and months of social unrest, the office noted that the much higher than usual figure could be partly due to delays in the process, as there were special work arrangements for the judiciary in prior months.
The total number of bankruptcy filings in the first five months was 3,605 – 12.4 percent higher than the same period a year ago.
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