Singapore LAW you need to know.

[MaxCannon]

Bankruptcy Act
(CHAPTER 20)

(Original Enactment: Act 15 of 1995)
REVISED EDITION 2009
(31st October 2009)
An Act relating to the law of bankruptcy and matters connected therewith.
[15th July 1995]

PART III
OFFICIAL ASSIGNEE

Power to administer oaths
24. The Official Assignee may administer oaths for the purposes of any matters or proceedings under this Act or for the purpose of taking affidavits.

Official Assignee’s accounts
25. —(1) The Official Assignee shall, for such period as may be prescribed, keep in such form and manner as he determines —
(a)an account of his receipts and payments in respect of his administration of the estate of a bankrupt; and
(b)an account of his receipts and payments in respect of his administration of a debt repayment scheme under Part VA.
[6/2009]
(1A) The Official Assignee shall, upon payment of the prescribed fee, permit —
(a)the inspection of an account referred to in subsection (1)(a) by the bankrupt, any creditor who has proved his debt in the bankruptcy or any other interested person; and
(b)the inspection of an account referred to in subsection (1)(b) by the debtor to whom the debt repayment scheme relates, any creditor who has proved his debt under the debt repayment scheme or any other interested person.
[6/2009]
(2) Every account referred to in subsection (1) shall be audited not less than once in each year by such officer as the Minister may appoint in that behalf.
(3) For the purposes of the audit under subsection (2), the Official Assignee shall produce to the auditing officer such books and shall furnish him with such vouchers and information as he may require.
Records to be kept by Official Assignee
26.—(1) The Official Assignee shall, for such period as may be prescribed, keep records containing entries or minutes of proceedings at any meeting held under this Act and of such other matters as may be prescribed.
[6/2009]
(2) Any creditor of —
(a)a bankrupt; or
(b)a debtor referred to in Part VA,
may, upon payment of the prescribed fee and subject to the control of the court, personally or by his agent inspect any record kept by the Official Assignee under subsection (1) which pertains to that bankrupt or debtor (as the case may be).[6/2009]

Bankruptcy Estates Account and Debt Repayment Schemes Account
27.—(1) The Official Assignee shall keep with such bank as he may think fit —
(a)an account, to be called the Bankruptcy Estates Account, into which all moneys received by the Official Assignee under this Act (with the exception of Part VA) shall, subject to this Act, be paid; and
(b)an account, to be called the Debt Repayment Schemes Account, into which all moneys received by the Official Assignee under Part VA shall, subject to this Act, be paid.
[6/2009](2) All payments out of moneys standing to the credit of the Official Assignee in the Bankruptcy Estates Account or the Debt Repayment Schemes Account shall be made by such bank in such manner as the Official Assignee may think fit.[6/2009]

Investment of surplus funds in Bankruptcy Estates Account and Debt Repayment Schemes Account
28.—(1) Whenever the cash balance standing to the credit of the Bankruptcy Estates Account or the Debt Repayment Schemes Account is in excess of the amount which, in the opinion of the Official Assignee, is required for the time being to meet demands in respect of insolvent estates or debt repayment schemes administered under Part VA, as the case may be, the Official Assignee shall —
(a)notify the excess to the Accountant-General; and
(b)pay over the whole or any part of the excess as the Accountant-General may require to such account as the Accountant-General may direct.
[6/2009]
(2) The Accountant-General may invest the sums paid over under subsection (1)(b) or any part thereof in trustee securities to be placed to the credit of the account referred to in subsection (1)(b).
(3) Where, in the opinion of the Official Assignee, any part of the money paid over from the Bankruptcy Estates Account or the Debt Repayment Schemes Account under subsection (1)(b) and invested under subsection (2) is required to meet any demand in respect of insolvent estates or debt repayment schemes administered under Part VA, as the case may be, the Official Assignee shall notify the Accountant-General of the amount so required.
[6/2009]
(4) The Accountant-General shall repay the Official Assignee such sum as may be required under subsection (3) to the credit of the Bankruptcy Estates Account or the Debt Repayment Schemes Account, as the case may be, and for that purpose the Accountant-General may direct the sale of such part of the securities as may be necessary.
[6/2009]
(5) The income derived from any investment under subsection (2) shall form part of the Consolidated Fund and regard shall be had to the amount thus derived in fixing the fees payable in respect of proceedings in bankruptcy and the administration of debt repayment schemes under Part VA.
[6/2009]
(6) Any profits on the sale of any of the securities placed to the credit of the Bankruptcy Estates Account or the Debt Repayment Schemes Account shall be credited to the Consolidated Fund and that Fund shall be liable to make good any loss arising out of the sale of those securities.
[6/2009]

Official Assignee to furnish list of creditors
29. The Official Assignee shall, whenever required by any creditor of a bankrupt to do so, and on payment by the creditor of the prescribed fee, furnish and transmit to the creditor a list of the creditors of the bankrupt, showing in the list the amount of the debt due from the bankrupt to each of the creditors.

Control of court over Official Assignee
30.—(1) The court shall take cognizance of the conduct of the Official Assignee in his administration of the estate of a bankrupt.
(2) If the Official Assignee does not faithfully perform his duties or duly observe all the requirements imposed on him by this Act, the rules or any other written law with respect to the performance of his duties, or if any complaint is made to the court by any creditor in regard thereto, the court shall inquire into the matter and take such action thereon as it may consider expedient.
(3) The court may —
(a)at any time require the Official Assignee to answer any inquiry made by it in relation to his administration of the estate of a bankrupt; and
(b)direct an investigation to be made of the books and vouchers of the Official Assignee or examine him on oath concerning his administration of the estate of a bankrupt.

Review by court of Official Assignee’s act, omission or decision
31.—(1) If a bankrupt or any of his creditors or any other person is dissatisfied by any act, omission or decision of the Official Assignee in relation to the Official Assignee’s administration of the bankrupt’s estate, he may apply to the court to review such act, omission or decision.
(2) On hearing an application under subsection (1), the court may —
(a)confirm, reverse or modify any act or decision of the Official Assignee; or
(b)give such directions to the Official Assignee or make such other order as it may think fit.
(3) The Official Assignee may apply to the court for directions in relation to any particular matter arising under the bankruptcy.

Liability of Official Assignee to be discharged out of Consolidated Fund
32.—(1) All sums required to discharge any liability which the Official Assignee may be personally liable to discharge shall be charged upon the Consolidated Fund.
(2) Neither the Official Assignee nor any of his officers shall be liable for any act to which he has not in any way contributed or which he could not by the exercise of reasonable diligence have averted.

 

[wendychan]

how do you check if someone was a former bankrupt having been discharged after 5 years?

 

[MaxCannon]

https://www.mlaw.gov.sg/content/ipt...ayment-scheme/information-for-bankrupts1.html

Advice for Debtors

Do not ignore your creditors' letters of demand and statutory demands, or writs of summons from the court. If these demands or claims are unsatisfied, it may compel your creditors to commence bankruptcy proceedings against you. You can be made a bankrupt even if you refuse to respond to your creditors or accept service of legal documents.

Please note that bankruptcy should be considered as a last resort.


Some reasons why a debtor should avoid bankruptcy

Social stigma of being declared a bankrupt;
Your assets become vested in the Official Assignee and divisible among your creditors;
There is a statutory requirement to file Statements of Affairs and Income and Expenditure statements, and you may be subject to thorough investigations by the Official Assignee into your financial affairs;
You will need to make monthly payments to your bankruptcy estate for the benefit of your creditors;
You will be required to disclose your bankruptcy status if you are obtaining credit of more than S$500 from others;
There are restrictions on travelling overseas; and
You cannot manage a business or act as a director of a company without prior approval of the High Court / Official Assignee.

There is no automatic discharge from bankruptcy in Singapore. For further information on discharge from bankruptcy, please refer to Information for Bankrupts – Discharge from Bankruptcy.

 

[MaxCannon]

https://www.mlaw.gov.sg/content/ipt...ayment-scheme/information-for-bankrupts1.html

Advice for creditors
You should only commence bankruptcy proceedings against your debtor after all avenues for recovering debts have been explored and proven unsuccessful. It is not an instant remedy for recovery of debts.

Some reasons why a creditor should not rush to commence bankruptcy proceedings

It is costly;
Full recovery of debts is unlikely;
Loss of interest;
Earning capacity of debtor will be adversely affected and in turn, his ability to settle his debts;
There is no priority for unsecured creditors;

If the bankrupt is discharged by the High Court or the Official Assignee, even though the bankrupt’s debts were not paid in full, you will not be able to pursue your claims against the discharged bankrupt any further.

Private Arrangement

Debtors may enter into a private arrangement with creditors to:

pay debts by instalments;
reschedule repayments;
get an extension of time to liquidate assets; or
seek other financial sources to repay the debts.

Debtors should inform creditors truthfully and completely of their latest financial position. They should provide information and documentary evidence readily to prove their current financial position.

Debtors should not make empty promises after entering into alternative repayment arrangements. Debtors must make serious efforts to keep to the new repayment arrangements.

 

[MaxCannon]

https://www.mlaw.gov.sg/content/ipt...ayment-scheme/information-for-bankrupts1.html

Assistance from Credit Counseling Singapore

Debtors may also seek assistance from Credit Counseling Singapore at the following contact:

Credit Counselling Singapore

210 Middle Road #05-04

Singapore 188994

General line: 6338 2663 | Fax: 6338 6586

Email: [email protected]

Website: http://www.ccs.org.sg


Voluntary Arrangement

Debtors may apply to court for an interim order for a voluntary arrangement, which is a negotiated debt settlement under Part V of the Bankruptcy Act. The debtor must disclose his assets and liabilities, and make a proposal on how he intends to settle his debts with various creditors. If the proposal is accepted by creditors and implemented successfully, it would benefit the debtor and his creditors.

 

[MaxCannon]

https://www.mlaw.gov.sg/content/ipt...ayment-scheme/information-for-bankrupts1.html

Court Dispute Resolution

If you are a debtor being sued by your creditors in civil proceedings, you may negotiate for a settlement on repayment of debts and thereby avoid bankruptcy.


Oral Legal Advice

This information presented is by no means exhaustive on bankruptcy matters. You may wish to consult your solicitor before making any decision concerning bankruptcy matters. If you are unable to afford a solicitor, you may obtain oral legal advice from the Legal Aid Bureau, at the following address:

The URA Centre, East Wing
45 Maxwell Road, #08-12, Singapore 069118
Tel: 1800-3251424

 

[MaxCannon]

https://www.mlaw.gov.sg/content/ipt...ayment-scheme/information-for-bankrupts1.html

Debt Repayment Scheme

The Debt Repayment Scheme (DRS) is a repayment scheme to assist debtors who have a regular income and debts not exceeding S$100,000, to avoid bankruptcy.

The DRS is triggered by a bankruptcy application. When such an application is made to the High Court and the debt owed does not exceed S$100,000, the High Court will refer the debtor to the Official Assignee for an assessment of the debtor’s eligibility and suitability to enter into the DRS. If the debtor satisfies the relevant criteria, an administrator will devise a repayment plan requiring regular debt repayments to the creditors over a fixed period of time. While in the DRS, the debtor must comply with the conditions set out in the plan, or risk being removed from the DRS, after which he may be made bankrupt.

For further information, please refer to the DRS page in this website.


Other Suggested Readings

Minlaw FAQs on Individual Insolvency

Information for Bankrupts

Further Queries
If you have any further queries on bankruptcy, please contact the Official Assignee's at:
Tel: 6325 1500
Email: [email protected]

 

[MaxCannon]

https://www.mlaw.gov.sg/content/ipt...ayment-scheme/information-for-bankrupts1.html

Filing for Bankruptcy

How does a debtor become a bankrupt?

A debtor can become a bankrupt on the filing of a bankruptcy application in the High Court by either the debtor or the creditor.
If a debtor is unable to pay his debts of at least S$10,000, the High Court may declare him a bankrupt upon the bankruptcy application.

Debtor's self application

The Official Assignee does not provide advice on the procedures for filing a self petition. Debtors may wish to refer to the Bankruptcy Rules for the procedures. A copy of the Bankruptcy Rules can be obtained online. Debtors may also wish to refer to the Supreme Court’s website for further details on bankruptcy proceedings.

Self-application for bankruptcy should not be considered as an option to relieve one’s financial problems. Bankruptcy should be considered only as a last resort. Alternatives to bankruptcy should be considered instead.

Creditor's petition

Before filing a bankruptcy application, a creditor will issue a notice known as a Statutory Demand, demanding payment from a debtor. If the payment is not met within the time stated in the Statutory Demand, the creditor will file a bankruptcy application in the High Court and a hearing date will be given. If payment is not made by the hearing date, the High Court may proceed to make a Bankruptcy Order and declare the debtor bankrupt.

Are there costs in filing a bankruptcy petition?

Under the Bankruptcy (Fees) Rules, any creditor or debtor who wishes to file a bankruptcy application in the High Court must pay a deposit of S$1,600 to the Official Assignee for the administration of the bankrupt’s estate. The petitioning creditor may recover this deposit subsequently from the bankrupt if there are sufficient funds in the bankrupt’s estate. The deposit of S$1,600 will not be refunded for a debtor’s self-petitioned bankruptcy,

In the event that a bankruptcy application is dismissed by the High Court or withdrawn, the Official Assignee will retain S$250 as preliminary administration costs under the Bankruptcy (Fees) Rules and refund S$1,350 to the petitioning creditor.

 

[MaxCannon]

What is the Financial Awareness Workshop about?

The Financial Education Workshop aims to help you (bankrupts/debtors on DRS) to increase your understanding of money management and at the same time to equip you with the necessary knowledge to better manage your finances. The skills you will acquire in this workshop will enhance your confidence in managing your expenses and in becoming financially responsible. By being more prudent in managing your expenses, you will be better able to meet your payment obligations towards your creditors. This will ultimately assist you in working towards an expedited discharge from bankruptcy.

This workshop is highly subsidized by IPTO and if you are interested to attend, you need only pay $13.00. Please email us at [email protected] with your contact details if you are interested in the workshop and we will get in touch with you on the details. Please refer to the attached information sheets for more information.

All resources are packaged for you to open or save in PDF format.


Download Financial Counselling program (560kb)

Download FAQs for Financial Education Workshop (480kb)

Download Financial Education Workshop Reply Slip (261kb)

 

[MaxCannon]

Know your rights

 

[Equalisation]

Lemon flavoured ?

 

[MaxCannon]

bro, that will come later.
There is plenty to cover and i am only at point 2.

1. Adoption
2. Bankrupts
Company - ACRA How-to Guides
Company Director
Company Liquidation/Winding-up
Competition Comission
Consumer Protection
Controlled Goods
Divorce
Import & Export
Lasting Power of Attorney
Legal Aid Bureau
Life Insurance Association's Consumer Guides
Litigant-in-Person's Package by Family Court
Moneylenders - information for
Moneylenders - borrowing from
Motor Claims Framework
Motor Claims Framework (崋文)
Pawnbrokers - information for
Pawnbrokers - information for customers
Permitted Food Imports
Personal Protection Orders
Police Procedures
Probate & Administration Toolkit
Small Claims Tribunal
Small Claims Tribunal DIY Kit
CPF
Customs
Divorce
Elections
Employment
Free Legal Clinics
Goods & Services Tax (GST)
Home Office Scheme
Immigration
Insurance
Legal Aid
Legal Requisition
Moneylending
Prospectus
Work Injury Compensation
Agri-Food & Veterinary Authority
and more

Lemon flavoured ?

 

[MaxCannon]

Impact of Bankruptcy

What happens after I have been made a bankrupt?

You will be required to attend at the Official Assignee’s office for a briefing on your responsibilities as a bankrupt and to submit your Statement of Affairs to the Official Assignee within 21 days from the date of the making of the Bankruptcy Order.


If you are a partner in firm which has been made bankrupt, you will have to submit:

a Statement of Affairs stating your personal assets and liabilities, and
a Statement of Affairs stating the bankrupt firm's assets and liabilities (unless it has already been submitted by another partner of the firm).

If you, without reasonable excuse, fail to submit a Statement of Affairs to the Official Assignee or submit a Statement of Affairs which is false, misleading or contains any material omission, it is an offence punishable with a fine not exceeding S$10,000 or an imprisonment for a term not exceeding two years or both.

How do I contact my case officer?

You can contact our office at:

Insolvency & Public Trustee's Office
The URA Centre East Wing
45 Maxwell Road, #06-11
Singapore 069118

Tel: (+65) 6325 1500
Fax: (+65) 6325 1417
E-mail: [email protected]

What will happen to my assets?

Your assets will vest in the Official Assignee for the benefit of your creditors once you are adjudged a bankrupt.

Assets include anything of value belonging to you at the date of the making of the Bankruptcy Order, or obtained by you thereafter and gifts given to you before your discharge from bankruptcy. You must deliver up possession of these assets to the Official Assignee.

For more information, please click here.

What assets are protected from creditors?

The Official Assignee allows you to keep possessions which are necessary and not extravagant. These include furniture, personal effects and limited tools of trade.

The following assets are also protected from your creditors:

Private properties held by you on trust for any other person,
HDB flats where at least one of the owners is a Singapore Citizen,
Monies in your Central Provident Fund (CPF) account,
Life insurance policies which are expressed to be for the benefit of your spouse or children,
Any other properties that are excluded under any other written law, and
Compensation awarded for legal actions in respect of personal injuries or wrongful acts against you.

For compensation payouts under a Dependants’ Protection Scheme (DPS), this will be paid to the Official Assignee for the benefit of your creditors. Where a DPS payout is due to permanent incapacity of a bankrupt who is the insured, CPF/the Private Insurer will write to the Official Assignee for consent before releasing the payout to the bankrupt.

 

[MaxCannon]

Impact of Bankruptcy

What will happen to my secured assets?

Creditors (e.g. banks or other financial institutions) who hold security over your assets or goods, have a right to sell the assets or goods if you default on your payments.

The Official Assignee will require any proceeds of sale exceeding that of the value of the secured debt to be remitted to the bankruptcy estate for the benefit of your other creditors.

Can creditors take further legal action against me after I have been made bankrupt?

Creditors cannot take further legal proceedings against you to recover any debts incurred before your bankruptcy.

An important exception involves fines for breaches of the law. Bankruptcy does not protect you from payment of these, including taxes owed to the Inland Revenue Authority of Singapore, which have to be settled even after your discharge from bankruptcy.

If you:

receive any demand for payments from your creditors or;
receive a notice of court action from your creditors or;
are approached by your creditors who you owe money after the making of the Bankruptcy Order,

You should advise your creditors of your bankruptcy status and forward the documents received to the Official Assignee.


Does IPTO help bankrupts to find employment?

IPTO has a Job Referral and Skills Upgrading Programme with the Workforce Development Agency to help bankrupts to improve their employment prospects and opportunities.

The programme allows participants to seek employment through job referrals and career advisory services as well as obtain help for skills training.

For more information on the Job Referral and Skills Upgrading Programme, you may wish to refer to our press release.

 

[MaxCannon]

Responsibilities and Rights of a Bankrupt

Contributions to Bankruptcy Estate

Must I contribute any income to my bankruptcy estate?

If you are gainfully employed, you must make a monthly contribution to your bankruptcy estate for the benefit of your creditors. The contributions will be accumulated in your bankruptcy estate and will be distributed to your creditors upon your discharge from bankruptcy.

The amount and frequency of payments you make is an important factor considered by the Official Assignee when reviewing your case to determine your suitability for discharge from bankruptcy.

How much do I have to contribute my bankruptcy estate?

The Official Assignee will assess the amount, if any, which you will be required to pay each month out of your income after taking into account what you reasonably need for yourself and your family.

To assist the Official Assignee to make the assessment, you must submit your Income and Expenditure Statement on your occupation, income and dependants when requested to do so and update this information by lodging returns with the Official Assignee through our website.

What are the payment modes for my monthly instalment payments?

You may make your monthly instalment payment through GIRO, Self-service Automated Machines (SAMs), SingPost counters, and cash, NETS or Cashcard at our office.

Please note that our cashier’s operating hours are from Mondays to Fridays, 10.30 am to 12,30pm. Our cashier is closed on Saturdays, Sundays and Public Holidays.

How can I find out how much I have to paid into my bankruptcy account altogether?

You may access the self-service portal (Individual Insolvency Administration Information) at our website and obtain this information, at no charge.

 

[MaxCannon]

Responsibilities and Rights of a Bankrupt
Travelling Overseas

Can I travel overseas?

You are allowed to leave Singapore or remain overseas with the prior approval of the Official Assignee.
If you attempt to travel overseas without the Official Assignee's permission, you may be stopped from leaving Singapore by the Controller of Immigration and your passport may be retained.

How do I apply for permission to travel overseas?

If you wish to leave Singapore, you should apply online at least 14 days before your departure date to obtain the Official Assignee’s permission, stating:

the reasons for your travel;
your destination of travel;
the period of travel.

You will also need to submit documents in respect of your travel application, if required by the Official Assignee. For example, if you are travelling for employment purposes, you need to submit your letter of employment.

What if I need to travel urgently?

If you need to travel urgently, you are still required to apply for permission online first and thereafter to contact your officer to get approval.

What if I need to travel frequently?

If you have to travel frequently, you may apply for block periods of travel either for three or six months. During this period, you can travel as frequently as you wish.

How do I find out the status of my latest travel application?

You may access the self-service portal (Individual Insolvency Administration Information) at our website and obtain this information, at no charge.

 

[MaxCannon]

Responsibilities and Rights of a Bankrupt
Managing a Business or Becoming a Director

Can I manage a business or corporation?

You may apply to the High Court or to the Official Assignee for permission to:

i. Manage or take part in any business under the Business Registration Act (Chapter 32); or
ii. Act as director or take part in or to be concerned in the management of any corporation (Singapore or foreign company) under the Companies Act (Chapter 50).

How can I apply to manage a business or corporation?

Please download and submit this application form together with the supporting documents indicated on the application form to the Official Assignee.

What are the factors taken into consideration when reviewing my application to manage a business or corporation?

Each application will be considered on its own merits. The Official Assignee will take into consideration a number of factors including:

the cause of your bankruptcy;
your conduct before and during bankruptcy;
your previous involvement in the business or corporation;
the nature and viability of the proposed business or corporation;
the nature of your involvement in the business or corporation;
the benefits to your creditors from your involvement in the business or corporation;
your risk of incurring further debts through this activity.

The Official Assignee may refuse the application or approve the application subject to conditions he may impose. Such conditions may include requesting that you maintain proper accounting records and make regular payments to the Official Assignee from the income or profits of the business or corporation for the benefit of creditors.

How do I find out the status of my application to manage a business or corporation?

You may access the self-service portal (Individual Insolvency Administration Information) at our website and obtain this information, at no charge.

 

[MaxCannon]

Responsibilities and Rights of a Bankrupt
Categorising and Zones

Will I be categorised based on my conduct in bankruptcy?

Yes. This categorisation helps to streamline case administration and allows bankrupts who show satisfactory conduct to have certain privileges in relation to, for example, applications for the Official Assignee’s permission to travel, buying a HDB flat and submission of Income and Expenditure statements. This streamlining will also facilitate bankrupts in getting a discharge from bankruptcy expeditiously.

What factors* does the Official Assignee consider when categorising bankrupts?

Green Zone

Statement of Affairs filed on time
Gainfully employed
Regular in making instalment payments
Instalment amount is commensurate with income and needs of family
Timely submission of Income and Expenditure statements
Co-operative with the Official Assignee
No pending warrant of arrest
No pending prosecution action
No complaint under investigation
No offences committed under the Bankruptcy Act (Chapter 20)
Full disclosure of assets (both local and overseas)

Red Zone

Statement of Affairs not filed on time
Unemployed (with no good reasons for unemployment)
Irregular in making instalment payments or no payments made at all
Instalment amount is not commensurate with income and needs of family
Irregular submission of Income and Expenditure statements
Uncooperative with the Official Assignee
Outstanding warrant of arrest
Pending prosecution action
Complaint under investigation
Committed offences under the Bankruptcy Act (Chapter 20)
Non-disclosure of assets (both local and overseas)

*These factors are not exhaustive and not determinative of a bankrupt’s categorization.

What are the benefits of being in the Green Zone?

Expeditious processing of the bankrupt’s application for the Official Assignee’s permission to travel online. The bankrupt may be granted a permit of up to a year to travel to any country.
Expeditious processing of the bankrupt’s application to buy a HDB flat within seven working days.
Expeditious processing of the bankrupt’s application to run or manage a business or act as a director within 14 working days.
Submission of Income and Expenditure statement on a yearly basis.
Review of the bankrupt’s case to assess suitability for a discharge after three years in bankruptcy.

What are the disincentives to those in the Red Zone?

The bankrupt will generally not be granted permission to travel.
The bankrupt’s application to buy an HDB flat will be processed within 14 days or longer.
The bankrupt will not be given permission to manage a business or act as a director.
Submission of Income and Expenditure statement on a six-monthly basis.

 

[MaxCannon]

Responsibilities and Rights of a Bankrupt
Other Duties and Responsibilities of a Bankrupt

Can I sue or continue any court actions?

You cannot bring or continue any court actions, other than an action for damages or compensation in respect of personal injuries or wrongful acts against you, without the prior consent of the Official Assignee.

Can I obtain further credit?

You may obtain further credit, but you must disclose your bankruptcy status to the lender if the amount of credit (or loan) you are obtaining exceeds S$500.

Can I act as a trustee or personal representative?

You are disqualified from being appointed or acting as a trustee or personal representative in respect of any trust, estate or settlement unless you obtain the permission of the High Court.

Are there offences under bankruptcy?

Failure to seek the necessary permissions and disclose the relevant information in the items listed at 1-5 above may result in offences under the Bankruptcy Act (Chapter 20) being committed. Other bankruptcy offences include:
failing to file your Income and Expenditure statements;
non-disclosure of information relating to your affairs and making misrepresentations to the Official Assignee; and
leaving or attempting to leave Singapore with your property in order to defraud your creditors.

 

[MaxCannon]

Assets of a Bankrupt

Can I open a bank account?

Yes. The Official Assignee will assist you in opening a new savings account. This account will allow cash withdrawals, Automated Teller Machine facilities and GIRO deductions.

The following conditions will be imposed when you open the new savings account:

You have to pay your monthly instalments towards your bankruptcy estate using GIRO through that account; and
You must furnish all information required by the Official Assignee in respect of that account.

If the above conditions are not complied with, the Official Assignee will close the account.

How do I apply for GIRO after my bank account is opened?

Please make a photocopy of the first page of the bank passbook and forward it together with the completed Direct Debit Authorisation (DDA) form to the Official Assignee’s office. The Official Assignee will inform you once the GIRO facility is activated.

Note: Until you receive our notification, you will have to make your instalment payments via GIRO, Self-service Automated Machines (SAMs), SingPost counters, and cash, NETS or Cashcard at our office.

When do the GIRO deductions take place?

The GIRO deductions from the bank account into your bankruptcy estate account will take place between the 3rd - 7th (first attempt) or the 16th - 20th of each month (second attempt). The second attempt will be made only if the first has failed.

Please therefore ensure that you maintain sufficient funds in the bank account before the 3rd or before the 16th day of each month for the deductions.

Can I buy a HDB flat?

The Official Assignee’s consent is not required if you are purchasing a HDB flat that is 5-rooms or smaller.

In the event that you wish to purchase a HDB executive/maisonette flat, you must submit your application form for the Official Assignee’s consideration. You are required to prove that you have both the means and the need for such a flat. Your conduct and co-operation will also be considered when assessing such applications.

Do I need to pay for the administration of my bankruptcy affairs?

You will need to bear the costs incurred by the creditor who commenced the bankruptcy proceedings, i.e. the petitioning creditor's deposit to the Official Assignee, the petitioning creditor’s solicitor's fees and disbursements incurred in obtaining the Bankruptcy Order against you.

The Official Assignee also deducts a fee from proceeds of assets realised, or deposits placed into your bankruptcy estate. The rates of the fees charged are as follows: