Local bankruptcy filings at four-year high in 2020

The number of petitions for bankruptcy hit a four-year high last year, the Official Receiver's Office said.

Petitions increased by 6.6 percent year-on-year in 2020 to 8,693. The number of petitions for compulsory winding-up increasd by 7.2 percent year-on-year to 449, a four-year high.

In December, the number of petitions for bankruptcy was 713, unchamged from the previous year.