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3 Singaporeans convicted of corruption involving Indonesian embassy staff
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Bubble tea shop owner acquitted of molesting 2 employees
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Bubble tea shop owner acquitted of molesting 2 employees
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SINGAPORE - Even as the Covid-19 pandemic ravages the economy, the number of people who were made bankrupt last year sank to the lowest in five years.
Bankruptcy orders tumbled more than 40 per cent to 965 from 1,645 in 2019. Figures from the Law Ministry s Insolvency Office website showed more than 1,600 bankruptcy orders were made annually between 2016 and 2018.
Experts said the drop in numbers could be due to the Covid-19 (Temporary Measures) Act and government support schemes which provided temporary relief for financially distressed individuals.
Lawyer Chia Boon Teck of Chia Wong Chambers said: Pre-Covid-19, the law allows a debtor 21 days to pay up on a statutory demand. However, the Covid-19 (Temporary Measures) Act 2020 extends the 21 days to six months. This in effect puts a five-month moratorium on outstanding debts.