Hope this thread will bring more awareness to all of you
Bankruptcy
What is bankruptcy?
Bankruptcy is a process where the debtor is publicly recognised to be insolvent (meaning generally to be unable to repay a debt of at least S$10,000). The High Court makes a Bankruptcy Order against the debtor and he is declared a bankrupt. The process allows for dealing with all creditors' claims in an orderly and fair manner. The High Court usually appoints the Official Assignee to administer the bankruptcy estate which includes the selling of assets, registration of creditors' claims and paying dividends to a bankrupt’s creditors.
Bankruptcy
What is bankruptcy?
Bankruptcy is a process where the debtor is publicly recognised to be insolvent (meaning generally to be unable to repay a debt of at least S$10,000). The High Court makes a Bankruptcy Order against the debtor and he is declared a bankrupt. The process allows for dealing with all creditors' claims in an orderly and fair manner. The High Court usually appoints the Official Assignee to administer the bankruptcy estate which includes the selling of assets, registration of creditors' claims and paying dividends to a bankrupt’s creditors.