The number of personal bankruptcy petitions rose last month to 1,500, the highest level since the Sars outbreak in 2003, reflecting the fallout of the downturn on household wealth.
According to the Official Receiver's Office, of the 1,500 petitions, 1,437 were submitted by debtors, the highest since October 2003.
The number of compulsory winding-up petitions for businesses fell to 53 last month from 61 in January.
There were 1,266 personal bankruptcy petitions in January, bringing the two-month total to 2,766, compared with 1,678 petitions reported in the same period last year.
Significantly, the number of receiving or bankruptcy orders rose to 1,675 last month, more than double the 759 orders recorded in January.
Despite the gloomy outlook for global economic growth, bankruptcy figures usually lag by six to 12 months and economists expect more bad news for the rest of the year. Hong Kong's economy is expected to contract this year as international trade dries up and cash-strapped consumers rein in their spending.