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Bankruptcy law in Alexandra, Singapore are designed to help individuals or companies unable to meet their financial obligations. When declared bankrupt, your assets could be taken away and distributed among your creditors. It is a serious matter with long-term financial and legal consequences. Under Singapore's Bankruptcy Act, a person can be made a bankrupt if they owe a debt of at least S$15,000 which isn't satisfactorily paid.
Deciding to file for bankruptcy is a significant decision and a complex legal process that requires careful consideration and understanding of the laws. There are numerous legal steps to follow, and any mistake can jeopardize your ability to discharge your debts. A lawyer can provide you with accurate legal advice, guide you through the process, and help you understand the potential consequences. Additionally, a bankruptcy lawyer can advocate on your behalf with creditors, the court, or the official Receiver and Manager.
The Bankruptcy Act encapsulates the bankruptcy law in Singapore. Some of the key aspects include: You may voluntarily file for bankruptcy if you owe at least S$15,000. Alternatively, creditors may also force you into bankruptcy if you owe them a minimum of S$15,000. A bankruptcy order restricts your financial freedom. For example, you cannot go overseas without the Official Assignee's permission, and you must disclose your bankruptcy status when securing credit over S$1,000. Lastly, as a bankrupt, most of your assets could be seized and sold to repay debts, with some exceptions, like equipment needed for employment.
No. Singaporean courts require creditors to serve bankruptcy applications personally. Therefore, you must be aware of any bankruptcy proceedings against you.
Most of your assets can be taken including cash, bank accounts, shares, properties, and vehicles. Assets required for basic living or employment such as furniture or work tools are typically exempted.
A bankrupt cannot be a director of a company or directly or indirectly take part in the management of any company without the Court's or the Official Assignee’s permission.
Your credit rating may be affected which can make it difficult for you to get loans or credit. Further, your bankruptcy record remains publicly available, which might potentially affect your business-related capabilities or opportunities.
This is referred to as an annulment which may be possible under certain circumstances such as if the debts and the fees of the bankruptcy have been paid in full, or if bond of equivalent value is provided.
You could remit to the Insolvency Office: Ministry of Law for comprehensive information on bankruptcy procedures in Singapore. Also referred to as the Official Assignee, it administers all matters related to bankruptcy.
If you feel legal assistance is required, find a lawyer specializing in bankruptcy in Alexandra. They will review your situation, explain your options, and guide you through the process. With competent legal support, navigating the bankruptcy process can be less stressful and lead to the best possible outcome.
