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Bankruptcy Laws In Singapore

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astbro345
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Bankruptcy Laws In Singapore

Postby astbro345 » Mon, 07 Oct 2013 5:42 pm

Hi, need some advise from expert here...

Let say a person had filed for bankruptcy and had a hearing date,
is it necessary to inform all the bank on the bankrutcy process?
If you inform the bank during this period of time before the hearing date,
can the bank file Writ Of Seizure against you?
Hope some experts here can give some advise on this...
Tks in advance.

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PNGMK
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Postby PNGMK » Mon, 07 Oct 2013 6:14 pm

I believe the person being made bankrupt only has to advertise that he is being made bankrupt in the ST. However, it would be in his best interests to make sure all creditors are informed less they later try a clawback and claim unfair treatment.

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ecureilx
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Postby ecureilx » Tue, 08 Oct 2013 11:13 am

PNGMK wrote:I believe the person being made bankrupt only has to advertise that he is being made bankrupt in the ST. However, it would be in his best interests to make sure all creditors are informed less they later try a clawback and claim unfair treatment.


wrong .. (got cha .. )

Once you have filed a court hearing, and over with it .. the IPTO office will do the advertising, with their regular 'broadcasts'

For the banks, and other creditors, all you have to do, if they call/email/mail/send a debt collector - tell them to contact the OA AFTER THE HEARING DATE, and STOP BOTHERING YOU !!! :)

btw, some banks will try to be nice and tell you "well, the hearing is not dont yet right ? You can still pay some amount in the meantime " etc. etc.

Now, if you are in the deep, tell them thanks, but no thanks .. after all, making a bit of payment will not mean the banks are gonna let you off anyway ..

As per Singapore law, if the creditor wants to sue you or cry unfair after the case has been filed, too bad .. they fly the biggest kites they can find ..


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