In November, the landscape of HK bankruptcy applications revealed a slight decline, with officials reporting 833 petitions filed. This figure represents a decrease from the 877 applications recorded in October, indicating a modest shift in the financial climate. However, when compared to the same month last year, November’s bankruptcy applications showed a 2.3 percent increase, highlighting ongoing economic challenges that continue to affect individuals and businesses alike.
The data, released by the Official Receiver’s Office, underscores the persistent nature of financial distress among the population. The rise in bankruptcy applications year-on-year suggests that while there may be fluctuations in monthly filings, the underlying issues contributing to financial instability remain prevalent. This trend raises questions about the broader economic conditions and the factors driving individuals and businesses to seek legal relief from their debts.
In addition to the overall number of bankruptcy applications, the statistics reveal a significant increase in the number of bankruptcy court orders issued. Last month, 674 court orders were granted, marking a substantial 23 percent rise compared to the same period last year.
Moreover, the Official Receiver’s Office reported a notable surge in compulsory winding-up petitions, which are legal actions taken to dissolve a company that cannot pay its debts. In November, there were 72 such petitions filed, representing a staggering 76 percent increase from the previous year.
Looking at the broader picture, the first 11 months of the year have seen a total of 8,409 bankruptcy filings.
