(West) Jurong Spring CC, 8 Jurong West St 52 Singapore 649296ĭebtors may apply to Court for an interim order for a Voluntary Arrangement (VA). Association of Muslim Professionals (AMP)ġ51 Chin Swee Road Manhattan House #08-04Ĩ New Industrial Road #04-04B LHK 3 Building Assistance from Voluntary Welfare Organisationsĭebtors may also seek assistance from the following social service agencies at the addresses below:Ī. They should provide information and documentary evidence truthfully and completely to prove their current financial position.ĭebtors should make serious effort in keeping up with their repayment after entering into the arrangement.ĥ. Debtors can also request for an extension of time to liquidate their assets to repay their debts.ĭebtors should inform creditors of their latest financial position. Debts owed to the Singapore Government that remain unpaid will not be extinguished even after the bankrupt’s discharge from bankruptcy.)ĭebtors may enter into a private arrangement with creditors to pay off their debts in instalments or in scheduled repayments. (There are certain types of debts which will not be extinguished e.g. After the bankrupt’s discharge from bankruptcy, debts which are not fully settled will be extinguished and creditors will not be able to further pursue the debts.The low likelihood of recovering debts in full.The loss of interest on the principal sum owed after the making of the Bankruptcy Order. Other reasons to consider before commencing bankruptcy proceedings: You should only commence bankruptcy proceedings against your debtor when all other debt recovery options have been exhausted. No automatic discharge from bankruptcy in SingaporeĬommencing bankruptcy proceedings will not guarantee the full recovery of the debts owed. Restrictions in managing a business or acting as a director of a company Restrictions in obtaining credit greater than $1,000 You can be made a bankrupt even if you refuse to respond to your creditors or decline to accept service of their documents. Do not ignore your creditors’ Letters of Demand, Statutory Demands, or Writs of summons from the Court.
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