solvent persons cannot be held in individual insolvency perpetually until their debts are fully settled. For example, in cases where insolvent persons have done their best to make payments and have no assets, or are old, sick and unemployed, the court may, upon application by the OA, the insolvent person or any interested person, discharge the insolvent person. The OA may also in his discretion, issue certificates discharging insolvent persons who have been in individual insolvency for more than 3 years, and their debts do not exceed $500,000, and the conduct of the insolvent persons have been good during the period of insolvency. A discharge by the court or by certificate issued by the OA, releases an insolvent person from all debts provable against him save for a few exceptions. Creditors would not be able to pursue their claims against the insolvent person any further.
http://app2.ipto.gov.sg/ContactInfo/tab ... fault.aspx
http://app2.ipto.gov.sg/LinkClick.aspx? ... &tabid=403
httpwww.oecd.org/dataoecd/4/44/39368700.pdf://www.iiiglobal.org/component/jdownloads/ ... /1080.html
@ chipmunk : you really need to read the OP post before you make comments as your views is totally irrelevant and it is damn confusing
The above is what I gather
Let's cut straight to the chase
1. Your hubby made an IOU with ex wife. This is a legal doc as signed by both. Whether it is an excuse to defer or circumvent alimony or not depends on any children involves usually it cost more on alimony if children is involve under care
2. Technically anything above $10K if you failed to meet the repayment schedule you are liable in the eyes of the court
3. She filed an injunction to get you Bankrupt under Chap 20 which is an individual bankruptcy. Did he fill the above forms ?
4. Hubby is assigned to an OA under IPTO and request statement of affairs. Technically whatever under matrimonial or prenuptial agreement in SG or if written specifically overseas asset is deemed. However exercising the recovery of overseas asset is an insurmountable task.Therefore your current marriage with hubby in OZ is NOT under the OA.
5. Extradition Act encompasses mostly criminal activities. Individual bankruptcy is NOT one of them But you are still liable if you happen to transit in SG etc. Hence the OA powers only stops at the departure gate per se
6. Now for renewal of SG PP will be under OA powers and you will have issues
7. Under the citizenship application in OZ you need to declare if you are an undeclared bankrupt or not which will proof to be an issue too
8. PR in OZ does not mean he can lives in OZ permanently as he is still a Sger.
Please be clear on these
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!