Bankruptcy - Any advice? Help!

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aussie48
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Bankruptcy - Any advice? Help!

Post by aussie48 » Mon, 17 Jun 2019 6:54 pm

I got a question I wonder if anyone can help?

Could a person who is bankrupted overseas works for a Singapore bank?
What is MAS guideline around this topic, if any?
Should he declares while filling up work contract form?

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jamie9vardy
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Re: Bankruptcy - Any advice? Help!

Post by jamie9vardy » Mon, 17 Jun 2019 10:27 pm

aussie48 wrote:I got a question I wonder if anyone can help?

Could a person who is bankrupted overseas works for a Singapore bank?
What is MAS guideline around this topic, if any?
Should he declares while filling up work contract form?
Depending on what role/position you are applying for. There is a Fit and Proper Guideline

http://www.mas.gov.sg/~/media/MAS/Regul ... FSGG01.pdf

Even if you are not covered under this guideline, you will most likely not get through the background checks by screening firms such as First Advantage or Hire Right.


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PNGMK
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Re: Bankruptcy - Any advice? Help!

Post by PNGMK » Tue, 18 Jun 2019 8:23 am

As above. Plus omitting this from your application is almost certain a test of poor character. This is why I tell people bankruptcy is NEVER the way out.
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aussie48
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Re: Bankruptcy - Any advice? Help!

Post by aussie48 » Fri, 28 Jun 2019 7:34 pm

The thing is that I am a Singaporean and lived in Australia for past 15 years.
I recently went into bankruptcy in Australia due to a failed business venture.
Hence I returned home to SG and hope for a better future.

Now I have job offer as a VP, IT technology with a local bank.
But I am not sure if I will be screened for bankruptcy in Australia or Singapore. Or both?
Last edited by aussie48 on Fri, 28 Jun 2019 9:29 pm, edited 1 time in total.

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PNGMK
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Re: Bankruptcy - Any advice? Help!

Post by PNGMK » Fri, 28 Jun 2019 8:22 pm

By omitting to tell the employer of any event like this you risk immediate dismissal if it comes out.

What form of bankruptcy did you execute in Australia? (I ask as there is a type that allows you to pay off your debts via a payment plan and others that allow you to f...k over your creditors - guess which one the banks like?). Did you inform the Australian trustee that you are planning to move overseas? Are you aware that Australian bankrupt individuals are in a publicly searchable database and that any decent HRM will be checking that?
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!

aussie48
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Re: Bankruptcy - Any advice? Help!

Post by aussie48 » Fri, 28 Jun 2019 9:29 pm

I did informed my trustee.

The thing is I have clean credit back home here in Singapore.
Why would what happened in Australia matter to this bank job offer?

By telling my employer upfront, does it spells the end of the job offer?

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Re: Bankruptcy - Any advice? Help!

Post by Strong Eagle » Sat, 29 Jun 2019 5:58 am

Here is my view on the subject. The ACRA and companies act has several specific regulations relating to bankruptcy. Basically, if you are an "undischarged" bankrupt you cannot serve as a company officer or as the managing partner for partnerships. That's undischarged, though, so if you've taken care of business, it won't get in your way.

If there are these kinds of regulations for officers, I suspect that there are similar for other professional certifications or positions, especially in the financial arena. Thus, if you have any inkling that the position you will take might be subject to bankruptcy restrictions, you should definitely look into this. You must know if the position you are going to take could be affected, and obviously, you must reveal if this would impact your ability to perform.

While I don't think anyone is going to celebrate going bankrupt at the local bar, it's not necessarily a bad stain on your background and accomplishments. Look, if you're not a thieving bastard, like our Toddler in Chief, Donald Trump, who has used bankruptcy on a number of occasions to stiff people, then there's a reasonable explanation for bankruptcy.

You might not like the one answer... I was a f*cking dumbkopf who over-reached and got burned... but even this has positives... I bet there are a lot of lessons learned. And it could be that your bankruptcy was due to conditions beyond your control... a canceled government program or a major client that goes bankrupt could do you in.

In conclusion, my view is that you reveal, enough detail for them to understand the circumstances, whether or not you are discharged, and what you learned from the experience. The experience could be valuable, especially if you were to be evaluating other business plans or loans that look a bit too optimistic.

aussie48
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Re: Bankruptcy - Any advice? Help!

Post by aussie48 » Sat, 29 Jun 2019 12:47 pm

I understand where you coming from.

However my main concern is the MAS Fit and Proper Guideline.
How strict is it on this aspect?

I am in dilemma now whether to tell them or not....

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Re: Bankruptcy - Any advice? Help!

Post by PNGMK » Sat, 29 Jun 2019 1:42 pm

There is absolutely no doubt you should tell them as it can be discovered by them and will be discovered in a background check, that you're prevaricating on this is troubling. As for MAS... who knows.
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!

aussie48
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Re: Bankruptcy - Any advice? Help!

Post by aussie48 » Sat, 29 Jun 2019 2:06 pm

By telling them, is there a possibility of keeping the job offer?
Or it is pretty much out the window?
What is your thought?

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Re: Bankruptcy - Any advice? Help!

Post by PNGMK » Sat, 29 Jun 2019 2:30 pm

We don't know. However if you frame it correctly as pointed out it can be turned around. The risk you have in not telling them is that eventually it will come out and the consequences could be catastrophic.
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!

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