Hong Kong bankruptcies hit highest in two years

Up to 871 people applied for bankruptcy in Hong Kong in May, the highest rate in two years and a 17 percent jump from April’s figure.

Data released by the Official Receiver’s Office showed the city recorded 871 applications for bankruptcy in May, up from the 742 petitions logged in April following 783 in March.

The March figure is also 35 percent higher from a year ago, while marking the highest number since April 2022.

Meanwhile, the number of bankruptcy orders by the court dropped significantly last month to 624, down 27 percent from April, and eight percent over the same period last year.

The office also received 61 compulsory winding-up petitions in May, eight percent lower than in April, but 85 percent higher than last year. There were also 43 winding-up orders by the court last month.