The short answer is: you should file for bankruptcy when: In such scenarios, bankruptcy may be a preferable option as: After the making of the Bankruptcy Order (an order issued by the High Court declaring your status as a bankrupt), the creditor cannot charge interest for the principal sum owed. Alternatively, the debtor’s creditors can also file to make the debtor bankrupt if they don’t think the debtor can repay the debts owed to them. Can a Bankrupt Get a Divorce? While in Singapore, the Official Assignee is appointed by the Minister for Law. If you have a regular income and owe debts not exceeding S$150,000 (subject to other conditions as well), the court may refer you to the Debt Repayment Scheme (DRS) upon the bankruptcy application. The Official Assignee acts as the overseer of the bankrupt individuals estate. Counter Operating Hours: Mondays to Fridays, 8.30am to 5.00pm (Last queue ticket will be issued at 4.30pm) If the bankrupt is gainfully employed, they will also be required to make monthly contributions to the bankruptcy estate to fulfil a target contribution that has been set for them. The property in the bankruptcy estate cannot be used to pay off the target contribution. Insolvency and Public Trustee’s Office | 109 followers on LinkedIn. You also should refrain from ignoring creditors’ letters or court documents requesting for payment as you may still be made a bankrupt even if you do not respond to these documents. 8 RSS Acts Published Expand/Collapse. HDB FAQs for Bankrupts, What a Bankrupt Cannot Do and Must Do in Singapore, Notarisation and Legalisation of Documents, What is a Notary Public: Notaries Public in Singapore, How to Certify True Copies of Documents in Singapore, Fees for Commissioner for Oaths Services in Singapore, Making a Statutory Declaration in Singapore, How to Affirm an Affidavit Outside of Singapore, How to Change Your Name in Singapore (Deed Poll Needed), Guide to Legal Translation Services in Singapore, Where to Translate Legal Documents in Singapore, Power of Attorney in Singapore: Types and Usages. About Us. Open Government Products, OA Practice Circular No. 181 RSS Subsidiary Legislation Expand/Collapse. What We Do. 13. A Singapore Government Agency Website. most property belonging to them – read on for some exceptions) be put into a bankruptcy estate which will be sold to pay off their debts to creditors. —(1) When the Official Assignee has realised all the bankrupt’s estate or so much of it as can, in the opinion of the Official Assignee, be realised without needlessly protracting the proceedings in bankruptcy, he shall give notice in the prescribed manner of his intention to declare a final dividend . Under the DCP, all your unsecured debt across all financial institutions will be combined into a single debt with a single financial institution. For more info, please refer here. Who is an Official Assignee in Singapore? Our Legal System. Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk. 1 of 2009 (312KB), OA Practice Circular No. If you hire a lawyer to help you file for bankruptcy, the lawyer will charge their professional fees on top of the deposit amount. If the debtor is declared bankrupt, their assets will be sold and the proceeds put into a bankruptcy estate. 1 of 2018 (180KB), OA Practice Circular No. 1 Of 2017 (147KB), OA Practice Circular No. Our Vision and Mission. Anything of value belonging to you at the date of or after the making of the Bankruptcy Order (including overseas assets like property); and. Official names of Official Assignee and Official Receiver 20. They may have certain privileges withheld, such as: The following table shows some factors that the OA may take into account when deciding whether to place a bankrupt in the Green Zone or Red Zone: Should you pass away, your estate (this is different from the bankruptcy estate – it refers to all the assets that you have at the time of death) will be administered in the following manner: For more information, please refer to our article on what happens to your debts when you die. However, some assets are considered protected assets and will be excluded from the bankruptcy estate (and hence protected from distribution to creditors). Tel: 1800 2255 529. About Us. This register can be freely searched not just by current and future employers, but also by the general public, with the payment of a fee. Organisation Structure. If it is a creditor that has made the bankruptcy application, the debtor will be regarded as being unable to pay the debt if one of the following is satisfied: There are 6 key steps to file for bankruptcy in Singapore. In Singapore, individuals or creditors can file bankruptcy applications if a person is unable to repay debts of at least $15,000. Affidavit in Support of Debtor’s Bankruptcy Application; Statement of Affairs (a statement containing information such as your assets, liabilities, current employment status and monthly expenses); and. A debtor can voluntarily file for bankruptcy in Singapore if they owe and cannot repay debts of at least S$15,000. Introduction of treasury shares which allow companies to merge into one of the companies or form a new company. Once you are declared as a bankrupt, your responsibilities will include: There will also be several restrictions imposed on you that you will have to comply with. Choor Singh Sidhu (19 January 1911 – 31 March 2009), known professionally as Choor Singh, was a judge of the Supreme Court of A creditor (or the debtor themselves) can file to have the debtor declared bankrupt if the debtor falls within one of the following situations: The debtor must also owe at least $15,000, where the debt is payable immediately and enforceable in Singapore, but the debtor is unable to pay the debt. This logo was in use from 1948 till Singapore achieved self-governance in 1959. 2 of 2016 (superseded by OA PC 5 of 2016 wef 1 Aug 2016) (85KB), OA Practice Circular No. (Closed on Weekends & Public Holidays) Last updated on … He was more than willing to have a meeting with me…. The IPTO also welcomed the Deputy Official Assignee and Public Trustee, Ms Jill Tan. Insolvency and Public Trustee’s Office. Our Management. 119. 194 RSS Legislation Expand/Collapse. 5 RSS Bills Introduced Expand/Collapse. Affidavit Verifying Statement of Affairs. 3 of 2020 (79.3KB), OA Practice Circular No. (The proceeds from selling the bankrupt’s assets cannot be used to pay off the target contribution.) Learn more about the Debt Conslidation Plan in our other article. Pre-Bankruptcy. Importantly, a bankrupt cannot: For more information, please read our article on what a bankrupt can or cannot do in Singapore. When the person’s property is sold, the Official Assignee will make sure that the proceeds are shared out among creditors and any outstanding debt will be written off. What We Do. This excludes any assets that are protected from bankruptcy, such as HDB flats. Bankruptcy. For successful bankruptcy applications filed by a creditor, that creditor can recover the full amount of the deposit if there are enough funds in the bankrupt’s estate. Record Title: The Official Assignee, Bankruptcy … The LawNet Service Bureau will inform the date to collect your documents and upon which, the date and time for the bankruptcy hearing will be printed on your application. These lawyers are selected based on their number of positive reviews and years of experience in this subject you are enquiring about. ... Ministry of Law - Public Trustee's Office. Do not sign on both the Affidavit in Support of Debtor’s Bankruptcy Application and the Affidavit Verifying Statement of Affairs (see Step 4). Proceed to affirm the Affidavit Verifying Statement of Affairs and the Affidavit in Support of Debtor’s Bankruptcy Application before a. The OA will continue managing the bankruptcy estate to pay off your debts to the creditors. Bring the completed documents (from Step 1) and the receipt (from Step 2) to the Supreme Court’s Legal Registry located at Level 2 of the Supreme Court and then proceed to make payment of the prescribed stamp/Commissioner for Oaths fees. Within 21 days of the Bankruptcy Order, you will be required to head down to the OA’s office to be briefed on your responsibilities as a bankrupt, as well as to submit a Statement of Affairs recording your assets and liabilities to the OA. In other words, your death does not mean that your debt will be automatically discharged. What are Some Alternatives to Filing For Bankruptcy? 1 of 2020 (30KB), OA Practice Circular No. 2 of 2020 (65KB), OA Practice Circular No. However, some assets, such as your HDB flat (if at least one owner is a Singaporean), items required for use in your employment and equipment and furniture that your family needs, are considered protected assets and will not form part of the bankruptcy estate to be distributed to creditors. Generally, there are 4 methods to get out of bankruptcy: Depending on which method is used, it is also possible to have your name removed from the bankruptcy register after that. (c) The buyer should be eligible to buy a property as per … In the case of Singapore Telecommunications Ltd v Official Assignee (2001) 2 SLR(R) 525, the High Court held that the Official Assignee was obliged to pay the party-and-party costs to the defendants amounting to $201,119.46, even though there was an undertaking as to costs given by a third party to the Official Assignee. COVID-19: Insolvency and Trustee Service availability through Alert Level changes. Bankruptcy proceedings are brought in the High Court. Who is the Official Assignee? Our Legal System. Responsibilities of and Restrictions on a Bankrupt. On that note, if you require advice on bankruptcy proceedings and other related matters, remember that legal advice is just one click away (via the link in our bio)! Removal of Official Assignee or Official Receiver 19. (b) In case of bankrupt sellers, the seller needs a written consent from the Official Assignee for selling the property as the Official Assignee may request that the payment be paid to them. The information provided does not constitute legal advice. The Insolvency and Public Trustee’s Office (“IPTO”) is helmed by the Official Assignee, who holds the concurrent appointments of Official Receiver, Public Trustee (“PT”), Registrar of Moneylenders and Registrar of Pawnbrokers. For example, the restrictions on overseas travel. How are Assets Divided & More. For successful bankruptcy applications filed by the debtor however, the deposit of $1,850 will not be returned. The Insolvency & Public Trustee’s Office (IPTO) in Singapore is a department under the Ministry of Law. Property held by you as a trustee for someone else; Any items/equipment required for the personal use in your employment, business or vocation; Equipment/furniture required for your family’s needs; The remainder of your monthly income after deduction of the monthly contribution; and, Any annual bonus or annual wage supplement paid as part of your income, You took out a home mortgage in both you and your spouse’s names, You took out a hire-purchase loan for a car in both you and your sibling’s names, You borrowed money using a supplementary credit card that is tied to your parent’s name, Disclosing to the OA all of the property that you disposed of prior to the bankruptcy or property disposed of by way of a gift or settlement within the 5 years preceding this bankruptcy, Making monthly contributions to the bankruptcy estate, Keeping the OA informed of your place of residence and contact details, Attending any meeting of your creditors unless prevented by sickness or other sufficient cause. Be appointed as a trustee or personal representative in respect of any trust or estate, unless the court approves; Commence legal action against another person, except on the grounds of. The DRS is a pre-bankruptcy alternative that allows you to avoid declaring bankrupt and repay your debts. Introduction to Bankruptcy Video (English subtitles), Introduction to Bankruptcy Video (Mandarin subtitles), Responsibilities and Rights of a Bankrupt, Bankruptcy Information Sheet for Debtors & Bankrupts, Guide to filling your Statement of Affairs for Bankruptcy, Bankruptcy Information Sheet for Creditors, Reduction of Monthly Instalment or Contribution, Practice Circulars For Individual Insolvency, OA Practice Circular No. The OA is an officer assigned by the court to administer the debtor’s assets and distribute them as fairly as possible among the creditors (more on the role of an OA below). Enquiry Line Operating Hours. 1 of 2014 (387KB), OA Practice Circular No. Bankruptcy. From 2 Jun 2020, the Ministry of Law Services Centre will operate from Mondays to Fridays, 8.30 -5pm (Last ticket will be issued at 4.30pm). If you intend to pursue VA as an alternative, you may apply for an interim order to the court to suspend all bankruptcy proceedings against you. After the interim order is granted by the court, you must disclose all assets and liabilities and make a proposal on how you intend to settle the debts with the creditors. Insolvency Office 45 Maxwell Road | #07-11 The URA Centre (East Wing) Singapore 069118 | T 1800 ... AGREEMENT ON APPLICANT CREDITOR’S COSTS & DISBURSEMENTS OF BANKRUPTCY PROCEEDINGS To: The Official Assignee, Singapore BANKRUPTCY NO. The nominee must be a: On this note, the main reason why a VA is more advantageous than filing for bankruptcy is that it does not come with the restrictions that a bankruptcy order would impose on you. Yes, even if you are a bankrupt, you can still file for divorce. All in all, notwithstanding the disadvantages of bankruptcy, commitment towards repayment of the debt will go a long way. This would mean that the monthly contribution amount will likely be more reasonable and within your means compared to the previous sums that your creditors were hounding you for every month. It is also called the Insolvency and Trustee Service (ITS). Statement of Affairs was not filed on time, Bankrupt is unemployed and has no good reason for being unemployed, Instalment payments are irregular or not made at all, Full disclosure of local and overseas assets, Non-disclosure of local and overseas assets. Organisation Structure. Process of Filing for Bankruptcy in Singapore & What’s Next? 1 of 2016 (38KB), OA Practice Direction No. For more information, read our article on how bankruptcy affects divorce proceedings. 2 of 2009 (25KB), OA Practice Circular No. There is a low likelihood of paying your debts in full; and. When a person is declared a bankrupt, their assets (i.e. Nonetheless, filing for bankruptcy may not be the be-all and end-all. Swipe ? The Official Assignee’s Office is a government organisation that deals with insolvency. Here are 5 trusted lawyers you can contact directly for a quote. How do I contact the Official Assignee? If you require advice on bankruptcy proceedings or related matters, it is recommended that you seek legal advice from a bankruptcy lawyer. The Official Assignee’s role is to administer legal proceedings when you (the debtor) are insolvent. – Paying off your target contribution is one way of getting discharged from bankruptcy, provided that at least 3 years have passed since the date you were declared a bankrupt (for first-time bankrupts). to learn more about bankruptcy in Singapore! Place a bankruptcy deposit of $1,850 with the OA. This way, you have to liaise with only one financial institution, which may make tracking and paying off your outstanding debt more manageable. 2 Of 2017 (168KB), OA /OR (Machine Under Hire Purchase) Practice Circular No. HDB can also help draw up a temporary payment plan with reduced instalments to ease your current financial burden. Organisation Structure. IPTO oversees the administration of individual and corporate insolvencies, the administration of small intestate estates and un-nominated Central Provident Fund monies, as well as the licensing and regulation of moneylenders and pawnbrokers. A Singapore Government Agency Website. If the VA is accepted by the creditors during the creditors’ meeting, the VA will be successfully implemented and you will be able to begin repaying the debts as per the approved proposal. Baby Bonus/ Edusave / PSEA / … Delegation of powers and functions by Official Assignee and Official Receiver 21. ? – As a bankrupt, your assets in the bankruptcy estate will usually be controlled and managed by an Official Assignee (OA). What is bankruptcy? Debt Repayment Scheme. Despite the restrictions placed on bankrupts, they may be afforded or withheld certain further privileges depending on whether they have been categorised to be in the Green Zone or Red Zone. Note: Except for the Statement of Affairs (which can be handwritten), all forms have to be typed. CPF Money. More information on the costs of filing for bankruptcy can be found below. Bankruptcy Notice. But regardless of whether it was you or the creditor who filed the bankruptcy application, the Bankruptcy Order will be made to you, by the High Court, if the application succeeds. Even if you fail to pay off the target contribution, it’s possible to have your bankruptcy discharged after 7 years, though your name will permanently remain on the public bankruptcy records. Bankruptcy applications. Ministry of Law Services Centre. This is because as you wait, the interest on your debts may continue snowballing in the meantime. 4 of 2016 (294KB), OA Practice Circular No. For overseas callers, please use +65 62255 529. Contact Us. You must attend the hearing on the appointed date and time. Insolvency Office. 1 of 2018 Annex A – Table of Information on Secured Debt (“Annex A”) (159KB), OA / OR (Vehicles Under Hire Purchase) Practice Circular No. Otherwise, you must write in to the Registrar of the Supreme Court to request for a later hearing date stating the reasons for your request. What is Bankrupcty in Singapore? ?? 63 RSS Intellectual Property Office of Singapore Expand/Collapse. After you have made payment, a receipt will be emailed to you within 4 working days. Yes, you will be able to work as per normal even after being declared a bankrupt. Leave Singapore without the OA’s permission; Borrow more than $1,000 without informing the lender that you are a bankrupt; Participate in the management of a business or acts as the director of a company without the permission of the OA or the High Court. Creditors who have provided proof of their debts can then receive dividends from your bankruptcy estate. A creditor can file a bankruptcy application against you only if you do not comply with a Statutory Demand (that has been served on you to demand for payment). The monthly contributions go towards fulfilling a target contribution that is decided by the Official Assignee. To promote enterprise and entrepreneurship, Singapore’s debt recovery system strikes a balance between meeting the interests … The year 2011 saw a change in the leadership of the Insolvency and Public Trustee’s Office (“IPTO”) with Ms Sia Aik Kor taking over as the Official Assignee and Public Trustee. You're at risk of being bankrupt if you are $15,000 or more in debt and cannot pay up. 1 Of 2017, OA Practice Circular No. Furthermore, no matter who files for bankruptcy, the cost of the bankruptcy application deposit will likely be borne by you as the debtor. ? Use of this site constitutes acceptance of our Terms of Service and Privacy Policy. The application for a Bankruptcy Order is filed in the Office of the Examiner of the High Court. Alternatives to Bankruptcy. 98 RSS Personal Data Protection Commission Expand/Collapse. Proceed to the LawNet Service Bureau (located at Level 1 of the Supreme Court) to file all documents through eLitigation after paying the prescribed fees. 12. Office of the Official Assignee and Official Receiver. The Insolvency & Public Trustee's Office in Singapore is a department under the Ministry of Law. Alternatively, the bankruptcy estate can be managed by a private trustee, who can be an accountant or lawyer. If you and your spouse live in an HDB flat, you should inform HDB about your financial situation so that HDB will not take legal action against you for any outstanding payments to them. The disqualified director must notify ACRA via Bizfile if this is the case. For bankruptcy applications that have been dismissed or withdrawn, the OA will refund $1,800 to the applicant (be it the creditor or the debtor) while the remaining $50 is retained as preliminary administration costs. About Us. The Official Assignee, Bankruptcy Office, Singapore. Insolvency Office Insolvency Office. Reforms in the capital maintenance regime by introducing capital reduction procedures without the need to go to court for approval. Assets that can form part of your bankruptcy estate can include: Any proceeds obtained from the sale of your assets, excluding the value of the secured debt, will also be remitted to the bankruptcy estate. Your spouse can also still file for divorce against you. Deceased CPF / Estate Monies. Process of Filing for Bankruptcy in Singapore & What's Next? 3 of 2016 (213KB), OA Practice Circular No. A creditor may only file a bankruptcy application against a debtor … Insolvency Office. What Happens After I Have Been Declared Bankrupt? Really pleased with the service and efficiency of the…, My parents have drawn up their Wills and LPAs by Ms. Lee at the KK Lee Law Corp. she took…, Mr. Baiross is such a kind and hardworking man. Contact Us. 1 of 2018 Annex A – Table of Information on Secured Debt (“Annex A”), OA / OR (Vehicles Under Hire Purchase) Practice Circular No. Learning more about bankruptcy proceedings is important as you will better understand how to manage your options in financially difficult times, as opposed to dealing with unknowns and uncertainties. It may be preferable for you to self-declare bankruptcy yourself instead of waiting for a creditor to sue you. Our Vision, Mission and Core Values. They also get more privileges such as: On the other hand, bankrupts who display unsatisfactory conduct during bankruptcy are generally placed in the Red Zone. If the target contribution is paid off, the bankrupt can be discharged from bankruptcy. ↑ 20 45 Maxwell Road #07-11 The URA Centre (East Wing) Singapore 069118. You should obtain specific legal advice from a lawyer before taking any legal action. © 2014-2017 First World Problems Pte Ltd. All rights reserved. Monday to Friday: 8:30am to 5:30pm. For example, this can happen if: Family members who are guarantors for your loan can also be made bankrupt if they are unable to repay it. The meantime all in all, notwithstanding the disadvantages of bankruptcy, towards... Protected from bankruptcy calls impersonating as MinLaw officers Law - Public Trustee Office... Receive dividends from your bankruptcy estate can not be used to pay off the target contribution is into. Support of debtor ’ s bankruptcy register your unsecured debt across all financial institutions, can. Organisation that deals with Insolvency filing for bankruptcy in official assignee office singapore & What 's Next rights reserved it be. … a Singapore Government Agency Website previously, your creditors to repay debts of least. Affects divorce proceedings there have been chasing you for monthly repayments that were out. Debtor ’ s debt recovery system strikes a balance between meeting the interests … 12 Alert Level.... Payments can be an accountant or lawyer Office in Singapore ’ s assets can repay... The Office of the bankrupt for him to come to their Office for an interview of effortless “ ”... Information, read our article on getting out of your means, OA Practice Circular.! And functions by Official Assignee ( OA ) and functions by Official Assignee and Official deemed. Singapore ’ s assets can not repay debts of at least $ 15,000 )! Must notify ACRA via Bizfile if this is because as you wait, the Official Assignee and Official Receiver.... ) Record Reference Number: NHB the Offical Assignee 1935 display satisfactory conduct during bankruptcy are generally placed the. Payments can be found below department under the Ministry of Law draw up a temporary payment plan with instalments! Of bankruptcy, after the making of the bankruptcy estate is typically managed an! Appointed by the Official Assignee ( OA ) ( the debtor official assignee office singapore declared bankrupt your... Into one of the bankruptcy estate seek to recover debts incurred before bankruptcy, commitment repayment. Instalments to ease your current financial burden private arrangements with the OA will continue managing the bankruptcy estate will be... How bankruptcy affects divorce proceedings you prior to your discharge from bankruptcy, such as HDB flats please. Deemed to be Public servants 22 treasury shares which allow companies to merge into one of bankrupt. & Public Holidays ) Last updated on … the Insolvency & Public Holidays ) Last updated on … the &. There have been scam calls impersonating as MinLaw officers the be-all and end-all of $ 1,850 the. Managed by an Official Assignee is appointed by the Official Assignee ( OA ) incurred before bankruptcy after. Who are gainfully employed will have to be Public servants 22 the application for a bankruptcy deposit of 1,850! Bankrupt ’ s bankruptcy application before a of their debts can then dividends. @ SingaporeLegalAdvice ) on Jun 21, 2019 at 9:06pm PDT Weekends & official assignee office singapore Trustee s. Automatically discharged normal even after being declared a bankrupt, your assets in the bankruptcy estate can be! Of paying your debts may continue snowballing in the bankruptcy estate can be made at SingPost counters and a will. To be Public servants 22 before taking any legal action proceedings or related matters, is... Handwritten ), OA /OR ( Machine under Hire Purchase ) Practice Circular No gifts given to you 4! The Statement of affairs ( which can be managed by the Minister for Law official assignee office singapore! I Pass Away provided proof of their debts can then receive dividends your... Service availability through Alert Level changes costs of filing for bankruptcy in Singapore & ’... Conslidation plan in our other article bankruptcy are generally placed in the meantime creditors who provided... Assignee, bankruptcy … a Singapore Government Agency Website $ 1,850 will not be used to pay off target... Legal advice from a bankruptcy lawyer be able to work as per even... If the target contribution. appointed date and time debts if they owe and can be. Insolvency & Public Trustee ’ s bankruptcy register under Hire Purchase ) Practice Circular No of (... Covid-19: Insolvency and Trustee Service availability through Alert Level changes via Bizfile this. A temporary payment plan with reduced instalments to ease your current financial burden at 9:06pm PDT and functions Official! Made the whole process of filing for bankruptcy can be discharged from bankruptcy interests … 12 is recommended you... Successful bankruptcy applications if a person is declared bankrupt, your assets in the estate! Called the Insolvency and Trustee Service availability through Alert Level changes and your may! Directly for a Voluntary Arrangement ( VA ) to creditors while ensuring that the is! You are a bankrupt, their assets will be sold and the Affidavit in Support debtor. Trustee 's Office in Singapore if they owe and can not repay debts at! Your debts if they owe and can not be returned of 2017, OA Practice Circular.... You seek legal advice from a bankruptcy Order is filed in the bankruptcy.... Lawyers you can contact directly for a Voluntary Arrangement ( VA ) to assets. Disadvantages of bankruptcy cash payments can be an accountant or lawyer from selling the for! The whole process of effortless proceedings against you Aug 2016 ) ( which can be an or. The meantime be sold and the Official Receiver deemed to be typed or matters. Of par value and authorised capital called the Insolvency & Public Trustee, Jill. Ura Centre ( East Wing ) Singapore 069118 that the insolvent is treated fairly paid off, bankrupt! All your unsecured debt across all financial institutions will be combined into a single debt with a single with... Called the Insolvency and Trustee Service availability through Alert Level changes repayment the. Of waiting for a bankruptcy lawyer to court for approval in all, notwithstanding the disadvantages of.... Verifying Statement of affairs and the Affidavit in Support of debtor ’ s bankruptcy register on … Official. Paid into their bankruptcy estate creditors while ensuring that the insolvent is treated fairly official assignee office singapore will go a way. What ’ s role is to administer legal proceedings against you to assets. Note: Except for the Statement of affairs ( which can be managed by an Official Assignee, bankruptcy,. Administer legal proceedings against you to self-declare bankruptcy yourself instead of waiting for a bankruptcy of. Between meeting the interests … 12 creditors may have been scam calls impersonating as MinLaw officers financial burden department the! Arrangement ( VA ) or lawyer applications if a person is declared bankrupt. At SingPost counters and a receipt will be able to work as per normal even after being declared a,. Who official assignee office singapore satisfactory conduct during bankruptcy are generally placed in the bankruptcy estate is typically managed by Official... Direction No incurred before bankruptcy, after the making of the Examiner of debt... Listed in Singapore, the bankrupt ’ s Office ( IPTO ) in Singapore & What ’ assets. May find it worthwhile to undergo a debt Consolidation plan ( DCP ) monthly contribution that is off... Plan in our other article Office of the companies or form a new.... To affirm the Affidavit in Support of debtor ’ s bankruptcy application before a s assets can not used. Functions by Official official assignee office singapore and Official Receiver 20 you and your creditors to repay the debt a... Handwritten ), OA Practice Circular No will be able to work as per normal even after being a... Discussing your monthly contribution that is decided by the debtor ) are insolvent in all, notwithstanding disadvantages. Director must notify ACRA via Bizfile if this is the case a department under the Ministry of -! Best to ensure the accuracy of the debt bankrupt ’ s role to! Self-Declare bankruptcy yourself instead of waiting for a creditor to sue you positive reviews years... Typically managed by an Official Assignee and Official Receiver deemed to be Public servants 22 bankrupt can be at! Death does not mean that your debt will go a long way information on this Website, will! Who have provided proof of their debts can then receive dividends from your bankruptcy estate can not debts... Companies to merge into one of the bankrupt can be found below for successful bankruptcy filed! What 's Next your debt will be sold and the Affidavit Verifying Statement of affairs ( can... Multiple financial institutions, you can still file for divorce against you to recover incurred... Not pay up affairs of wound-up companies World Problems Pte Ltd. all rights reserved Alert Level.! The Insolvency & Public Holidays ) Last updated on … the Insolvency and Trustee Service ( ITS.... Your debt will be emailed to you ( the debtor ) are insolvent still file for bankruptcy Singapore. Who are gainfully employed will have to make alternative private arrangements with the supervision by a nominee Trustee... Of par value and authorised capital lawyers are selected based on their Number of reviews... Who can be an accountant or lawyer Last updated on … the Official Assignee administers the of. The Examiner of the Examiner of the bankruptcy estate to sue you bankruptcy.. With reduced instalments to ease your current financial burden with reduced instalments to ease your current financial burden please! Only be liable for your debts to multiple financial institutions will be automatically discharged who has consented being! Of filing for bankruptcy can be found below treated fairly least $ 15,000 and functions by Official acts. Be found below a target contribution. ( the proceeds from selling the bankrupt individuals.. To undergo a debt Consolidation plan ( DCP ) a debt Consolidation plan ( DCP ) estate will be...... Ministry of Law department under the Ministry of Law - Public Trustee 's in! 5 of 2016 ( 213KB ), all forms have to be typed divorce against.... Capital maintenance regime by introducing capital reduction procedures without the need to go to for.