Singapore corporate insolvencies reach highest level since 2010

COMPANIES in Singapore were forced to wind-up in record numbers last year, as compulsory liquidations in the city-state soared.

As many as 307 firms were shuttered in 2024, up from 201 the previous year, according to the Ministry of Law. That’s the highest since 2010, the earliest data provided. In January, 38 companies were wound up.

Singapore expects growth to come in at 1 to 3 per cent this year, down from 4.4 per cent in 2024. Bloomberg Economics expects Singapore’s sharp rebound in 2024 to falter this year given it is one of the most trade-exposed economies in the region, making it vulnerable to the rise in protectionism. BLOOMBERG