OPINION: Do rising Singapore bankruptcies signal trouble ahead? - Leslie Shaffer, CNBC

CNBC.com, 18 Feb 2014
Bankruptcy orders rose nearly 14 percent on year in 2013, and although the actual number was relatively low at 1,992, that is the highest number since 2009, the middle of the global financial crisis.
The wealthy Southeast Asian nation has seen soaring household debt levels in recent years as low interest rates have led to a borrowing spree, prompting the government to step in to curb demand amid concerns rates are heading higher.
Singapore's household debt-to-income ratio has risen to 2.1 times in 2012 from a low of around 1.9 times in 2008 during the Lehman crisis, according to data in the annual financial stability review, released by the city-state's central bank, the Monetary Authority of Singapore, in December. Full story