Authorities have noted a 40% spike in bankruptcy claims in 2020, a report by the Office of the Commissioner of Insolvency Proceedings said Sunday.
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The rise has been attributed to the financial hardship brought on by the coronavirus crisis and the rise in unemloyment.
According to the report, 18,990 bankruptcy applications have been filed for private households since the beginning of the year, compared with 13,441 in 2019.
