Bankruptcy & Debt Repayment Scheme in Singapore

Bankruptcy

Bankruptcy is a process by which a debtor is declared by the High Court to be unable to repay a claim made against him, and recovery of the claim is conducted in an orderly manner. The High Court usually appoints the Official Assignee to administer the bankruptcy estate which includes the selling of assets, registration of creditors' claims and paying dividends to a bankrupt’s creditors.

The Official Assignee

The Official Assignee is a public servant and an officer of the Court. The Official Assignee is assisted in his duties by officers and staff in the Insolvency & Public Trustee’s Office (IPTO).

Once a Bankruptcy Order is made against a debtor, the High Court will appoint the Official Assignee as the trustee and receiver of the bankruptcy estate. Alternatively, the Court may appoint a private trustee to administer the bankrupt’s affairs if the petitioning creditor requests.

The Official Assignee's role

The Official Assignee's role is to expeditiously recover and realise the assets of bankrupts for distribution to creditors and to assist bankrupts in obtaining a discharge from bankruptcy.

The Official Assignee also has the duty to investigate the bankrupt’s conduct in bankruptcy.

Source: http://www.ipto.gov.sg/bankruptcy-and-debt-repayment-scheme/bankruptcy.html