Risk of Corporate Bankruptcies and Steps in Place to Cope with Inflation and Higher Borrowing Costs

Debated in Parliament on 2 Aug 2023.

Summary written by AI (learn more)

Foo Mee Har inquired whether Singapore is experiencing a wave of corporate bankruptcies similar to the global trend since the 2008 financial crisis and how local firms are coping with inflation and higher borrowing costs.
Gan Kim Yong responded that corporate winding-up cases in Singapore have remained stable over the past three years, averaging 200 cases annually, consistent with the 10-year average.
He emphasized the government's commitment to supporting businesses through near-term challenges and promoting their long-term growth and transformation.

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Foo Mee Har

Ms Foo Mee Har asked the Minister for Trade and Industry (a) whether the wave of corporate bankruptcies around the world in volumes not seen since the aftermath of the 2008 financial crisis is similarly hitting Singapore; and (b) how are Singapore firms coping with inflation and higher borrowing costs.

Gan Kim Yong

The number of compulsory winding-up in Singapore has remained relatively stable over the last three years at an average of about 200 cases per year, which is comparable to the past 10-year average. The Government remains committed to supporting businesses to weather near-term challenges and pursue longer-term growth and transformation.

Summary written by AI (learn more)

Foo Mee Har inquired whether Singapore is experiencing a wave of corporate bankruptcies similar to the global trend since the 2008 financial crisis and how local firms are coping with inflation and higher borrowing costs.
Gan Kim Yong responded that corporate winding-up cases in Singapore have remained stable over the past three years, averaging 200 cases annually, consistent with the 10-year average.
He emphasized the government's commitment to supporting businesses through near-term challenges and promoting their long-term growth and transformation.

Questions identified by AI (learn more)

Risk of Corporate Bankruptcies and Steps in Place to Cope with Inflation and Higher Borrowing Costs

Debated in Parliament on 2 Aug 2023.

Summary written by AI (learn more)

Foo Mee Har inquired whether Singapore is experiencing a wave of corporate bankruptcies similar to the global trend since the 2008 financial crisis and how local firms are coping with inflation and higher borrowing costs.
Gan Kim Yong responded that corporate winding-up cases in Singapore have remained stable over the past three years, averaging 200 cases annually, consistent with the 10-year average.
He emphasized the government's commitment to supporting businesses through near-term challenges and promoting their long-term growth and transformation.

Questions identified by AI (learn more)

Full Transcript

Foo Mee Har

Gan Kim Yong

Summary written by AI (learn more)

Foo Mee Har inquired whether Singapore is experiencing a wave of corporate bankruptcies similar to the global trend since the 2008 financial crisis and how local firms are coping with inflation and higher borrowing costs.
Gan Kim Yong responded that corporate winding-up cases in Singapore have remained stable over the past three years, averaging 200 cases annually, consistent with the 10-year average.
He emphasized the government's commitment to supporting businesses through near-term challenges and promoting their long-term growth and transformation.

Questions identified by AI (learn more)

Risk of Corporate Bankruptcies and Steps in Place to Cope with Inflation and Higher Borrowing Costs | PAPERCUTS

Risk of Corporate Bankruptcies and Steps in Place to Cope with Inflation and Higher Borrowing Costs

Summary

Questions Identified

Full Transcript

Foo Mee Har

Gan Kim Yong

Summary

Questions Identified

Risk of Corporate Bankruptcies and Steps in Place to Cope with Inflation and Higher Borrowing Costs

Summary

Questions Identified

Full Transcript

Foo Mee Har

Gan Kim Yong

Summary

Questions Identified