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Written by: Golden Chess
2020-06-20 21:31
Last update date: 2020-06-20 21:36Under the influence of the new coronavirus pneumonia epidemic, our economy has been hit. According to data from the Official Receiver's Office, the number of bankruptcy petitions filed in May this year reached 2,079, the highest since the SARS in 2003 when 2,311 cases were recorded. Caritas Xiang Qingxuan, who provides financial counseling services, said that the number of requests for help temporarily received this year is similar to previous years, but the requests for help from young people between 18 and 25 years old have risen. Because the economy is not known when it will recover, the number of people seeking help will rise.
In the case of asking for help, some flight attendants owed 400,000 to 500,000 yuan due to consumption, but their income was plunged due to the suspension of the epidemic work. Even if they worked part-time, the income was not enough to repay the loan, so they considered applying for bankruptcy; some young people were Trying to do business and supplying a "folding doll machine" results in debts.
In recent years, "little doll machines" have become popular, attracting some young people to invest, and the economy has plummeted due to the epidemic, causing many people to lose their hands. (Profile picture / Photo by Zhang Haowei)
Caritas Weng Liping: Helpers directly hope for bankruptcy
According to data from the Official Receiver's Office, there were 3,611 bankruptcy petitions in the first May of this year, an increase of 12.6% year-on-year; the number of cases in May this year rose sharply from the six cases in April. Caritas Xiang Qingxuan's Debt and Financial Counseling Services Team Director Weng Liping believes that the sharp rise in May was due to the fact that the court had implemented special work arrangements due to the epidemic situation, which caused the accumulation of cases.
She also pointed out that in the past, most people who asked for help were seeking debt restructuring, but in recent months, helpers directly hoped for a big increase in bankruptcy. Weng explained that because he didn't know when the economic downturn would dawn, and many people had a high cost of living, but the income was greatly reduced in the epidemic, which led to the rollover of debts. To deal with it, he could only consider applying for bankruptcy. Although the number of bankruptcy petitions also peaked during the 2003 SARS period, Weng believes that the economic uncertainty is greater this time, "This time the people have not reached zero income, but they have to pay more and less, and they don’t know when they will rise. ".
Under the influence of the new coronavirus epidemic, Hong Kong's economy has been hit hard. (Information picture/photograph by Ou Jiale)
Young people investing in "folding doll machine" income is not enough to repay and consider bankruptcy
For example, Weng Liping said that he received help from furniture production merchants and involved a failure to repay a bank loan of 4 to 5 million yuan. The case was optimistic about the market in 2019, "so I borrowed money and went to the blog by burying the house, but under the epidemic situation and the Sino-US trade war, no foreign buyer confirmed the order and finally did not get the loan." She said that she saw SMEs have been trying hard to maintain business, but they still have to consider applying for bankruptcy.
In addition, there are also many young people who seek help. Weng had received flight attendants for help, and owed 400,000 to 500,000 yuan due to consumption, but his work was suspended during the epidemic, and his income fell to zero, and the loan could not be repaid; there were also young people in their 20s who taught the piano. 2,000 yuan, and the debt is about 70,000 to 80,000 yuan, she said that these cases will do their best to assist in debt restructuring.
In addition, there are also young people who have weak financial management concepts and want to "make money by doing business", so they form a "folding doll machine" with their friends and owe money, but they have to consider bankruptcy when their income is unstable. Weng also pointed out that many young people are discouraged by the economy, "part-time jobs are not available, and there are too many people fighting even for takeout "infantry"", so they are not optimistic about the number of future bankruptcy petitions.
▼The government relaxes the restriction on new orders from June 19th▼
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