bankruptcy & Insolvency

Handling your own bankruptcy or insolvency proceedings can and will make a bad situation worse.

As a lawyer handling such a situation, we will help you navigate the minefield of bankruptcy & insolvency legal proceedings.

FAQS

The minimum debt required to personally declare bankrupt in Singapore is S$15,000.00. 

The minimum debt required to wind-up a company is S$10,000.00.

Winding Up proceedings refer to the closing down of a company when the company has insufficient funds to repay its creditors. 

For Creditors:

If a company owes you at least S$10,000.00, the first step is to serve on the company a Statutory Demand. This essentially is a Letter of Demand whereby the content has specific requirements by law. Only when the requisite time for repayment has passed can you commence with the Winding Up application.  Please note that the fees involved in this application is high and most of it will be paid to the Court and the Liquidators who have to be appointed. 

For Debtors:

It is entirely possible to avoid suffering major losses if negotiations with your creditors occur early. We have negotiated multiple settlements with our Clients' creditors and successfully prevented our Clients' companies from being Wound-Up or even from them being declared bankrupt. 

Speak to us so that we may advise you on the best way of moving forward. 

Once you have been declared Bankrupt, the Official Assignee (OA) will manage your assets. Once the OA has collected sufficient monies from you to pay off the debt or if you have been diligent in making monthly payments to the OA for a period of at least five (5) years, the OA will distribute the collected funds to your creditors and release you from bankruptcy. 

DRS is a scheme that stops creditors from "hounding" you. Once a successful application has been made, the Official Assignee will deal with the creditors and act as your middle-man in the matter. 

To be eligible for DRS, the following requirements must be met:

  • Your total debts must not exceed S$100,000.00;
  • You must not be a sole-proprietor or a partner in a partnership.
  • You have not been in a DRS Scheme in the last five (5) years; and
  • You must not have been bankrupt in the last five (5) years.

Speak to us so that we may advise you on the best way of moving forward. 

Yes. If you have read this far why not speak to us? Our consultations are free.

Speak to a Lawyer

Why Choose Us?

Personable

Speak to Us, Many others trust us.

Problem Solvers

Creative Customised Solutions

Approachable

Our consultation is FREE.

Our Articles

Speak To a Lawyer
1
Speak to a Lawyer Now
Our Consultations are Free.