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Queries on Unpaid debts and leaving singapore permanently

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PNGMK
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Postby PNGMK » Wed, 17 Sep 2014 9:18 pm

ecureilx wrote:
PNGMK wrote:someone declared bankrupt in court who has not completed the obligations the court set out (which may include repayment). It usually takes about 7 years to clear it. You cannot leave Singapore without permission from (who? - can't remember) while an undischarged bankrupt.

you don't want to be made bankrupt here - don't listen the others.


every departure needs approval from Official Assignee and failure to seek approval = fine + maybe jail

as I too said, it is better to negotiate a repayment than disappear!!!!

once you are a bankrupt, ICA will stop you from leaving or hold you upon return


Thanks Curelix

sd41591
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Re: Queries on Unpaid debts and leaving singapore permanently

Postby sd41591 » Sun, 31 May 2015 11:41 pm

The responses here are nonsense. There is a statute of limitations act in Singapore which is the same as the UK. If a debt has not been paid or responded to for six years then the debt although still owed cannot be collected through the courts, in other words it does not exist on any credit report in Singapore. Generally, there is no financial gain for any lending company to collect debts outside the country of less than 10,000SGD. It is just not worth the pursuit. Rack up 30K+ then you can expect large financial companies (AMEX, CC, BANKS) to identify your whereabouts. If you are leaving with a 3k debt then it is nothing to worry about.

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sundaymorningstaple
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Re: Queries on Unpaid debts and leaving singapore permanently

Postby sundaymorningstaple » Mon, 01 Jun 2015 12:15 am

Any time you think the statute of limitations in Singapore doesn't remember Mervyn Tan the Piano Man who defaulted on NS as a teen and returned to Singapore after the age of 40. He was picked up, charged and fined. Don't believe those who say it's only 6 years.

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ecureilx
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Re: Queries on Unpaid debts and leaving singapore permanently

Postby ecureilx » Mon, 01 Jun 2015 6:33 am

sundaymorningstaple wrote:Any time you think the statute of limitations in Singapore doesn't remember Mervyn Tan the Piano Man who defaulted on NS as a teen and returned to Singapore after the age of 40. He was picked up, charged and fined. Don't believe those who say it's only 6 years.


I am not a lawyer, but I spent doing some work in a law firm.

What I know from talking to the lawyers in that firm is, that, as you said, the word 'statute of Limitation' can be used in situations where the state feels the crime must not go unpunished

Too many cases abound in Singapore, where past cases were dredged up and re-looked, way way past the 'statute of limitation' expired, when the accused re-offended or was being prosecuted for unrelated crimes, for the AGC decided the person deserves a severe punishment.

Truly Singapore

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JR8
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Re: Queries on Unpaid debts and leaving singapore permanently

Postby JR8 » Mon, 01 Jun 2015 10:17 am

sd41591 wrote:The responses here are nonsense. There is a statute of limitations act in Singapore which is the same as the UK. If a debt has not been paid or responded to for six years then the debt although still owed cannot be collected through the courts, in other words it does not exist on any credit report in Singapore. Generally, there is no financial gain for any lending company to collect debts outside the country of less than 10,000SGD. It is just not worth the pursuit. Rack up 30K+ then you can expect large financial companies (AMEX, CC, BANKS) to identify your whereabouts. If you are leaving with a 3k debt then it is nothing to worry about.


-----
I believe you're incorrect. A creditor has 6 years to take you to court, and if he does and judgement is found against the debtor, he then has 12 years to pursue enforcement of the debt.
-----

Limitation of actions of contract and tort and certain other actions
6.—(1) Subject to this Act, the following actions shall not be brought after the expiration of 6 years from the date on which the cause of action accrued:
(a) actions founded on a contract or on tort;
(b) actions to enforce a recognizance;
(c) actions to enforce an award;
(d) actions to recover any sum recoverable by virtue of any written law other than a penalty or forfeiture or sum by way of penalty or forfeiture.
(2) An action for an account shall not be brought in respect of any matter which arose more than 6 years before the commencement of the action.
(3) An action upon any judgment shall not be brought after the expiration of 12 years from the date on which the judgment became enforceable and no arrears of interest in respect of any judgment debt shall be recovered after the expiration of 6 years from the date on which the interest became due.

http://statutes.agc.gov.sg
Limitations Act chapter 163 part 2b
'Do it or do not do it: You will regret both' - Kierkegaard

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ecureilx
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Re: RE: Re: Queries on Unpaid debts and leaving singapore permanently

Postby ecureilx » Mon, 01 Jun 2015 10:56 am

JR8 wrote: ....


Then again SD41591 said its all nonsense... ;)

And for the amount i know HSBC Singapore went after a foreign debtor for a 5k plus s$ unpaid loan through a debt collector in his country ..

Times are truly bad .... :p


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