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Bankruptcy
What is bankruptcy
In Singapore, bankruptcy is a legal process involving an individual or firm that is unable to repay any outstanding debt of at least $15,000.
The General Division of the High Court is the only court that hears bankruptcy applications.
Once an individual or firm is declared a bankrupt, their property will be vested in a court-appointed trustee, who will manage the bankrupt's financial affairs.
You can file a bankruptcy application for yourself (for the court to declare you a bankrupt), or against another party who owes you money.
Who is involved in a bankruptcy case
A debtor is a party who owes a sum of money to another party, called the creditor.
Note
Either the debtor or the creditor can file a bankruptcy application. In both cases, the court will make a bankruptcy order against the debtor if the application is successful.
All bankruptcy cases are to be handled by private trustees in bankruptcy (PTIBs) except for cases where the Official Assignee considers that there is public interest and consents to be appointed as the trustee in bankruptcy.
A person applying to the court for bankruptcy, whether by a creditor against a debtor, or by a debtor for himself or herself, is required to nominate a licensed insolvency practitioner to administer the bankruptcy case. The applicant must obtain the written consent of a licensed insolvency practitioner before filing the bankruptcy application. The court hearing a bankruptcy application will not make a bankruptcy order on a bankruptcy application if neither a licensed insolvency practitioner nor the Official Assignee has consented to act as the trustee in bankruptcy.
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