Many people are of the view that it would be easier to be made a bankrupt as this will release them of their debts. Though this may be true, they fail to realise that after being made a bankrupt, their assets become vested with the Official Assignee (OA) and are divisible among their creditors. There isalso astatutory requirement to file their income and expenditure statementsand their statement of affairs. A bankrupt cannot obtain credit of more than $500.00 without first disclosing that he or she isa bankrupt. You may even have to surrender your passport and your travel overseas will be restricted. A bankrupt will be able to act asa Director of acompany or even manage a business.
SSKANDARAJAH & COADVOCATES & SOLICITORSSINGAPORE
151 Chin Swee Road,
#03-01 Manhattan House,
Singapore 169876
+6562359561