JERUSALEM, Nov. 23 (Xinhua) -- The number of bankruptcy applications filed in Israel since the beginning of 2020 has surged 41 percent compared with the same period in 2019, according to a report issued by Israel's Ministry of Justice on Monday.
The leap is due to the outbreak of the coronavirus pandemic and the two full lockdowns imposed in the country, it said.
Another cause is a new Israeli law, which encourages debtors and creditors to reach settlements, enabling debtors to embark on a new path.
Thus, from Jan. 1 to Nov. 15, 18,990 bankruptcy requests were filed in Israel by individuals, compared with 13,441 from a year ago.
For comparison, in 2019 there was a 17-percent decrease in the number of applications than that of 2018.
The report showed that the number of applications submitted in March this year was 77 percent higher year on year, while in June, a 75-percent increase was recorded.