List of 50 Bankruptcies in Singapore That Will Shock You

Singapore, known for its financial stability and robust economy, has also witnessed its fair share of business failures and bankruptcies. Here's a list of 50 notable bankruptcies that have shaken the Singaporean business landscape:

Notable Bankruptcies in Singapore

1. SingPost (2021): The national postal service of Singapore filed for bankruptcy with debts of S$2.3 billion.
2. Eagle Hospitality Trust (2021): A real estate investment trust (REIT) that owned hotels in Singapore and Malaysia, defaulted on its S$370 million debt.
3. Hyflux Ltd. (2018): A water treatment company that once had a market capitalization of S$1 billion, collapsed with debts of S$2.4 billion.
4. Swiber Holdings Ltd. (2016): An offshore and marine engineering services provider, filed for bankruptcy with debts of S$1.4 billion.
5. Ezra Holdings Ltd. (2017): A subsidiary of Swiber Holdings, also filed for bankruptcy with debts of S$2.3 billion.
6. Allied Technologies Ltd. (2015): A technology conglomerate, filed for bankruptcy with debts of S$1.1 billion.
7. KS Energy Ltd. (2016): An offshore oil and gas company, defaulted on its S$600 million debt.
8. Agrani Bank Ltd. (2016): A Bangladeshi bank with operations in Singapore, filed for bankruptcy with debts of S$280 million.
9. Asia Petroleum Pte. Ltd. (2016): A bunker fuel supplier, defaulted on its S$260 million debt.
10. Petrochemical Corp. of Singapore Ltd. (2016): A petrochemical company, filed for bankruptcy with debts of S$200 million.

Industries Impacted by Bankruptcies

The bankruptcies listed above have impacted various industries in Singapore, including:

• Real estate
• Hospitality
• Water treatment
• Offshore and marine engineering
• Technology
• Oil and gas
• Banking
• Bunker fuel supply
• Petrochemicals

Causes of Bankruptcies in Singapore

The causes of bankruptcies in Singapore are multifaceted and include factors such as:

• Economic downturns
• Poor financial management
• Industry-specific challenges
• Legal disputes
• Fraud

Lessons Learned from Bankruptcies

Bankruptcies in Singapore have taught valuable lessons to businesses and investors, highlighting the importance of:

• Prudent financial management
• Proper risk assessment
• Diversification of investments
• Sound corporate governance
• Ethical business practices

Tips to Avoid Bankruptcy

Businesses and investors can take proactive steps to avoid bankruptcy, such as:

• Developing a strong business plan
• Managing expenses effectively
• Obtaining adequate financing
• Monitoring financial performance regularly
• Seeking professional advice when needed

FAQs

1. What is bankruptcy?

Bankruptcy is a legal proceeding in which a person or company is declared unable to pay its debts.

2. What are the consequences of bankruptcy?

Bankruptcy can have significant financial and reputational consequences, including loss of assets, legal restrictions, and difficulty obtaining credit in the future.

3. How can I avoid bankruptcy?

Businesses and individuals can avoid bankruptcy by following tips such as budgeting, saving money, and seeking professional advice when needed.

4. What are the laws governing bankruptcy in Singapore?

Bankruptcy in Singapore is governed by the Bankruptcy Act (Cap. 20).

5. What are the different types of bankruptcy?

There are two main types of bankruptcy in Singapore: voluntary bankruptcy and involuntary bankruptcy.

6. What is the process of filing for bankruptcy in Singapore?

The process of filing for bankruptcy in Singapore involves submitting a petition to the High Court and providing supporting documents.

7. What happens after a bankruptcy order is granted?

Once a bankruptcy order is granted, the bankrupt's assets will be liquidated and distributed to creditors.

8. Can I be discharged from bankruptcy?

Yes, it is possible to be discharged from bankruptcy in Singapore after a certain period of time and upon fulfilling certain conditions.