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Bankruptcy and debt law in Raffles Place, Singapore are governed predominantly by the Bankruptcy Act and the Insolvency, Restructuring and Dissolution Act. These laws outline the rights and responsibilities of those who cannot meet their financial obligations and govern the processes for declaring bankruptcy, going through financial restructuring, and debt recovery.
If you are considering bankruptcy, a lawyer can guide you through the complicated legal processes involved. A lawyer may also guide you in negotiating with creditors and could potentially help you to avoid bankruptcy altogether. In cases where debt is looming, a lawyer can advise on the rights and obligations, and may help to negotiate a lower debt repayment or an alternative repayment arrangement. If you are dealing with insolvency disputes and debt recovery claims, a lawyer is necessary to navigate the complex legal proceedings.
The Bankruptcy Act in Singapore deals with the administration of bankrupt individuals' affairs as well as the discharge from bankruptcy. According to the Act, a debtor cannot declare bankruptcy unless the debt originates from a credit facility granted by a bank or finance company and the total amount of debt is more than S$15,000.
On the other hand, the Insolvency, Restructuring, and Dissolution Act provides for the restructuring of companies that are in financial distress, the winding up of companies and partnerships, and the dissolution of companies upon completion of winding up.
The official assigned cost for filing for bankruptcy in Singapore is S$1,850. Additional costs may be incurred for legal representation.
Yes, if a creditor has served you with a statutory demand for a debt exceeding S$15,000, and you have not satisfied or set aside the demand within 21 days, they may commence bankruptcy proceedings against you.
A Debt Repayment Scheme is a scheme that allows a debtor to repay debts over time, up to 5 years instead of declaring bankruptcy. This scheme is only eligible for individuals with unsecured debts not exceeding S$250,000.
Yes, a bankruptcy order can be discharged by the Official Assignee when the bankrupt has fulfilled the requirements of the bankruptcy regime, which may include paying off debts or satisfying a payment plan. An annulment may occur if the bankruptcy order should not have been made in the first place or if debts and expenses have been fully paid or secured to the satisfaction of the court.
While bankruptcy itself may not necessarily cause you to lose your job, some professions may not permit a bankrupt person to hold certain positions or obtain certain licences.
You may refer to the Ministry of Law's Insolvency Office page for further information. Additionally, you can check the Singapore Statutes Online for detailed information about the Bankruptcy Act and the Insolvency, Restructuring and Dissolution Act.
If you need legal assistance regarding bankruptcy and debt, it is crucial to seek legal advice promptly. Consult a lawyer to understand your rights, obligations, and the possible legal consequences of your situation. Remember, a lawyer can provide valuable guidance to navigate the complexities of bankruptcy and debt law in Singapore.
