Record high in personal bankruptcy filings in May

The Official Receiver's Office reported today (June 21) that 871 personal bankruptcy petitions were filed in May, marking a 17% increase month-on-month and a 35% rise year-on-year. This is the highest monthly total since April 2022, with 930 cases.

For the first five months of this year, the total number of personal bankruptcy petitions reached 3,797, up 25% compared to last year.

In corporate matters, the office received 61 compulsory winding-up petitions in May, marking a decrease for the second consecutive month but representing an 85% year-on-year increase.

So far this year, there have been 316 petitions, 39% more than in 2023.

The courts issued 43 winding-up orders in May, a 13% increase from the previous month but a 19% decrease year-on-year.

In the first five months of the year, 183 winding-up orders were issued, up 28% from the previous year.

In 2023, the courts issued 354 winding-up orders, the highest annual total since 2010.