In the January-September period, a record 20,739 people were considered bankrupt, according to figures on the Insolvency and Public Trustee's Office website monitored here.

Under Singapore's insolvency regulations, a person is declared a bankrupt by the court if he is unable to pay debts of at least S$10,000 (US$6000).

Singapore is on track to be one of the fastest growing economies in Asia this year with gross domestic product tipped to expand 8.0-9.0 percent, up from l.1 percent in 2003 when the economy was hit hard by the Severe Acute Respiratory Syndrome (SARS) regional epidemic.

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