With respect, I believe that the Bankruptcy legislation in Singapore, may be too rigid, and not comprehensive enough.
Several years ago, I sent an email to the honourable Minister, to offer assistance, in Singapore's then pending amendment to its bankruptcy legislation.
I did not receive any response.
May be, the honourable Minister did not take the time to google my name (as many of those higher profile cases have been reported in the media) re: how many times that I have acted for creditors who have petitioned individuals, where the Court has made an order adjudging an individual bankrupt (including an investment banker, a Chartered Accountant, a QC who was a legal specialist in bankruptcy and insolvency [petitioned by the Department of Justice acting for Canada Revenue Agency], a licensed insolvency Trustee [petitioned by a Chartered bank re: his personal guarantee for bank indebtedness incurred by his Trustee corporation] and corporations into bankruptcy. Although it seldom happens, in the past, creditors (including banks and Canada Revenue Agency) have asked me to replace or substitute other Trustees, as provided in the Bankruptcy and Insolvency Act, in corporate bankruptcy estates, a medical doctor/specialist, another repeat bankrupt who was a medical doctor.
Whereas, the Canadian Bankruptcy and Insolvency Act, may appear a little too lenient: first-time bankrupts are eligible for an automatic discharge (provided the Bankrupt performed his duties, there is no opposition from the creditors, no opposition from the Trustee, no opposition from the Superintendent of Bankruptcy) after nine months. Second-time bankrupts are eligible for an automatic discharge after twenty four months. There are provisions for bankrupts to make surplus income payments per month. This is where the Singapore legislation should consider. There is provision for proposals and consumer proposals (debtors offer to make payments to creditors, over time, say 60 months).
Perhaps, the Singapore government, may wish to change the Official Assignee to a government agency to oversee professionals administering bankruptcy estates. That is debtors can file an assignment in bankruptcy and creditors may petition a debtor into bankruptcy, which means debtors (or their relatives) and creditors have to pay a Trustee (and a lawyer to petition). Why does the Official Assignee need to administer all the bankruptcies.
In addition, an honest but unfortunate bankrupt should be granted a discharge to give him or her a fresh start. If the creditors or the government agency wish to oppose the bankrupt's discharge, then the Registrar in Bankruptcy or a judge can hear the case, and decide what is appropriate: absolute discharge, suspended discharge, conditional discharge (discharge conditional upon xxx, or conditional upon payment of the sum of $xxx payable at the rate of $yy per month with default interest at the rate zz%), or suspended for say one year and conditional aupon ...., or discharge refused with permission to re-apply for discharge after two years.