Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
-
dontknowwhattodo
- Newbie
![Newbie Newbie]()
- Posts: 1
- Joined: Sat, 02 Apr 2016 12:15 pm
-
Quote
-
0
login to like this post
Post
by dontknowwhattodo » Sat, 02 Apr 2016 12:54 pm
Need some guidance from friends who have any experience.
I am an expat who has been running a business for around 5 years now. In 2014 had some financial trouble with the business and I took a personal loan to pay my staff. The bank put forth a bankruptcy application against me in 2015 when I defaulted in payments.
The high court however allowed 3 adjournments as I set up an arrangement with the bank to pay them va installments. I have been paying them since then. Last month my installment got delayed by a couple of days( I made the payment but after 3-4 days of the end of the month ) and the bank has said they will be asking the court to make me bankrupt in the next hearing.
A summary of my case -
1) The initial amount when they applied for bankruptcy was $23,000
2) I set up an arrangement with the bank to pay them $2000 every month. The bank got the court to adjourn the hearing 3 times to allow me to pay up.
3) I got delayed in making my last payment by a few days.
4) Now after all the payments, the amount is reduced to $8000. So if I pay them $8000 in full before the next hearing ,they will withdraw the case.
5) The next hearing on the case is in 1 weeks time.
6) I have invoices to the tune of $10K that my clients would be paying in 3 weeks time.
However the bank has told me that they will be proceeding with asking the court to make me bankrupt. They have given me the option to either settle in full or become bankrupt. They are not keen to give me any more time. Since I am a director of a company, the DRS scheme won't apply to me and I would be made an instant bankrupt.
A few questions that come to my mind, that I will need advise on -
1) Can I be made bankrupt if I owe only $8000 to the bank ? Initially it was $23,000. The amount got reduced as I have been paying.
2) I am 100% sure that I can pay the remaining $8000 in 3 weeks time as my funds are coming in. Is there anything I can do to get the hearing adjourned by a month or so?
Thanks
-
therat
- Editor
![Editor Editor]()
- Posts: 1024
- Joined: Thu, 04 Sep 2008 2:23 pm
-
Answers: 3
-
Quote
-
0
login to like this post
Post
by therat » Sun, 03 Apr 2016 12:59 pm
-
PNGMK
- Moderator
![Moderator Moderator]()
- Posts: 9248
- Joined: Thu, 21 Mar 2013 9:06 pm
-
Answers: 11
- Location: Sinkapore
-
Quote
-
0
login to like this post
Post
by PNGMK » Mon, 04 Apr 2016 9:08 am
No one wants to bankrupt you if you can pay something. Bankruptcy means they lose out completely. They will negotiate.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or
http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
-
livingontheedge
- Chatter
![Chatter Chatter]()
- Posts: 160
- Joined: Tue, 25 Jun 2013 12:36 pm
-
Quote
-
0
login to like this post
Post
by livingontheedge » Mon, 04 Apr 2016 2:51 pm
Well to file for bankruptcy you must have atleast $10,000 in debts and the whole process takes about 4 to 6 weeks. Thus even before the bankruptcy process is completed, you may have already settled the debts to the creditors and this process would become redundant. I would suggest you show the invoices due and the commitment (via email correspondence) of the customers to settle this invoice due in 3 weeks time to the court and creditors.
In the event the bankruptcy proceedings is completed (lets assume here everyone is unreasonable and does not believe you) but you are able to pay off the debts due to the creditors soon after, you could make an application to obtain an annulment of the bankruptcy order.
Do kindly take note there is a possibility the banks would charge you for the legal fees incurred to arrange for the court order and correspondences.
-
-
By what age must Kids PR be renounced to avoid NS penalty
Replies: 7
First post
Hi all,
Apologies if this has been discussed previously - i couldn't find the answer on threads.
My family are all PR and our male son is turning...
Last post
Hi all,
Many thanks for the feedback! Just to confirm, my son is a PR and holds citizenship of another country
Thanks x9200 - your post correlates...
- 7 Replies
- 20308 Views
-
Last post by tuskarrock
Thu, 25 Mar 2021 11:40 pm
-
-
Renouncing PR to Avoid National Service
Replies: 8
First post
Hello folks. I know that from a re-entry perspective, a second gen PR who renounces his PR in order to avoid national service faces the probability...
Last post
I think there is a lot going on behind that statement. Like the fact that the Father is a card carrying PAP member (who was approached at one point...
- 8 Replies
- 15618 Views
-
Last post by sundaymorningstaple
Sat, 31 Jul 2021 1:58 pm
-
-
Help to avoid future "NS Issues"
Replies: 8
First post
Hello.
I hope everyone is doing well in these tumultuous times.
I am about to embark in my quest to avoid future NS issues for my family, hoping to...
Last post
You followed all the rules, so shouldn't have any issue as SMS has pointed out. If for some absurd reason things don't work out for you, know that NS...
- 8 Replies
- 59016 Views
-
Last post by Lisafuller
Thu, 30 Mar 2023 7:31 pm
-
-
Facial hair removal to avoid shaving and rash
Replies: 4
First post
Hello. I am experiencing an irritated skin rash on my face after shaving, and it persists for several days. I have consulted at several laser clinics...
Last post
Have you tried Musee? I'm currently a member and they do many body parts.
- 4 Replies
- 18369 Views
-
Last post by popicool
Sun, 15 Oct 2023 4:01 pm
-
-
Avoid Tanjong Beach sentosa - oils spills
Replies: 2
First post
Terrible oil spills has led up to Sentosa.. Avoid this week to sentosa beaches
Last post
The one who caused it should be brought to task..what was he thinking?
- 2 Replies
- 4500 Views
-
Last post by abbby
Mon, 17 Jun 2024 9:12 am
Users browsing this forum: No registered users and 6 guests