The pace of the city’s bankruptcy petitions slowed to its lowest level in eight months in February, although the figures were still significantly higher compared with the numbers seen a year earlier, according to the Official Receiver’s Office.

Official data showed that 648 bankruptcy petitions were presented to authorities last month, marking a 14 percent drop from a month earlier.

However, that number is up 16 percent on a year-on-year basis.

There were 53 compulsory winding-up petitions in February, similar to the number from a year earlier, but down 21 percent on a monthly basis.

The slowdown was also observed in the number of bankruptcy orders, with 554 received during February, down 4.6 percent year on year, and 29 percent lower compared with January.