record bankrupts-1st usa now singapore-next???

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    Time is GMT + 8 hours
    Posted: 23 September 2004 1450 hrs

    Number of bankrupts in Singapore hit all-time high in August
    By Chan Hwa Loon, Channel NewsAsia

    SINGAPORE : The number of bankrupts in Singapore hit an all-time high last month despite a robust economy and more jobs created.

    This reflects widespread belt-tightening as Singapore confronts lower-cost regional competition.

    Latest Law Ministry figures show the number of undischarged bankrupts rose to a record high of over 20,000 at the end of August.

    Meanwhile, personal and corporate bankruptcies in Singapore climbed 3 percent in the first 8 months of this year, compared to the same period a year ago.

    Analysts say bankruptcy orders could worsen as creditors seek to recover money owed, even as the economy picks up. - CNA

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