| dc.description.abstract | Over the last fifteen years, numerous episodes of global financial turmoil have created periods of extreme economic contraction and waves of financial distress. In the wake of these episodes, the incidence of corporate bankruptcies around the world has been on the rise. The bankruptcy rate is highest in the US, followed by the UK, and Taiwan holds the third rank. Bankruptcies in the United States during the third quarter of 2016 were 24457 companies, followed by Hong Kong bankruptcies of 6460 companies. Bankruptcies in Italy rose to 3800 companies in the second quarter of the year 2016 from 3640 companies in the first quarter of the same year. Bankruptcies in the United Kingdom grew to 3633 companies in Q3 2016 from 3617 companies in Q2 2016. Taiwan bankruptcies went up to 2132 companies in Nov 2016 from 1981 companies in Oct 2016 (Bhutta & Regupathi, 2020). | en_US |
