Many people are of the view that it would be easier to be madea bankrupt as this will release them of their debts. Though this may be true, they fail to realise that after being madea bankrupt, their assets become vested with the Official Assignee (OA) and are divisible among their creditors. There is also a statutory requirement to file their income and expenditure statements and their statement ofaffairs. A bankrupt cannot obtain credit of more than $500.00 without first disclosing that he or she is a bankrupt. You may even haveto surrender your passport and your travel overseas will be restricted. A bankrupt will be able toact as a Director ofa company or even manage a business.
S SKANDARAJAH & CO ADVOCATES & SOLICITORS SINGAPORE
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#03-01 Manhattan House,
Singapore 169876
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