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 is also a statutory requirement to file their income and expenditure statements and their statement of affairs. A bankrupt cannot obtain credit of more than $500.00 without first disclosing that he or she is a bankrupt. You may even have to surrender your passport and your travel overseas will be restricted. A bankrupt will be able to act as a Director of a company or even manage a business.
S SKANDARAJAH & CO ADVOCATES & SOLICITORS SINGAPORE
151 Chin Swee Road,
#03-01 Manhattan House,