Fewer business closures in May but experts warn of spike later

The absence of a surge in closures amid the pandemic is probably because of the time needed for a firm to complete the deregistration process so a spike could come later in the year, experts warned.
The absence of a surge in closures amid the pandemic is probably because of the time needed for a firm to complete the deregistration process so a spike could come later in the year, experts warned. ST PHOTO: KELVIN CHNG

The number of business entities that closed last month was similar to previous months despite the pandemic-induced downturn.

There were 3,706 closures in May - including companies, sole proprietorships and limited liability partnerships - down slightly from April's 3,771, Accounting and Corporate Regulatory Authority (Acra) data noted earlier this month.

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A version of this article appeared in the print edition of The Straits Times on June 30, 2020, with the headline 'Fewer business closures in May but experts warn of spike later'. Print Edition | Subscribe