Hong Kong Bankruptcy Filings Fall to Lowest in Year


Hong Kong’s personal bankruptcy filings fell in October to a one-year low as the city emerges from its worst slump since the 1997-98 Asian financial crisis, Bloomberg reported. Petitions declined to 992 from 1,142 in September, the Official Receiver’s Office said today. Compulsory business winding-up petitions dropped to 60 from 61 in September. The city’s rebound from a yearlong recession prompted employers to start hiring again, with the city’s jobless rate falling to 5.2 percent in the three months ended Oct. 31. The drop in bankruptcies and unemployment follows a decline in residential mortgage loans in negative equity in October. Read more.