Debt Repayment Scheme in Singapore
What is the Debt Repayment Scheme (“DRS“)?
The DRS is a sanctioned plan for the debtor to pay off his creditors in accordance with the DRS. The Official Assignee (“OA“) is in charge of administering the scheme.
Why apply for the DRS?
Life As a Bankrupt: After a Bankruptcy Order in Singapore
What happens after Bankruptcy Order is made?
Once you are declared a bankrupt, your assets will form part of your bankruptcy estate and be controlled and managed by the Official Assignee (“OA“). The OA’s role is three-fold:
to oversee the following:
Alternatives to Bankruptcy
Bankruptcy is a drastic option to take. Exploring all your options before going to the last resort of bankruptcy is the prudent course of action. In fact, as bankruptcy is not an instant remedy for the recovery of debts, it is recommended that creditors should not rush to commence bankruptcy proceedings. Therefore, what are some alternatives to Bankruptcy?
Creditor’s Bankruptcy Application in Singapore
Your debtor is not paying you. You’ve sent many letters of demand but there has been no reply. He or she is not picking up your calls. What can you do? The last weapon that a creditor can use is a creditor’s bankruptcy application.
10 Things To Know Before Declaring Bankruptcy In Singapore
Bankruptcy is usually considered a last resort option. You should only file for bankruptcy in Singapore after careful consideration of your options. If it is the best way to deal with your financial problems, filing for bankruptcy may be for you.
Filing for bankruptcy however cannot solve all financial problems. This article cannot explain every aspect of the bankruptcy process. If you still have questions after reading it, you should speak with a bankruptcy lawyer.
What It Means To Breach A Contract In Singapore
A well-drafted contract can often prevent or resolve a dispute before the parties take their dispute to court. But when both parties cannot resolve their issues, and resort to litigation, it is important to understand the rules governing the breach of contract claim.
While some breaches are avoidable with detailed negotiations and well-drafted document, others are not. Poorly drafted documents and oral contracts frequently lead to disputes. It is always in your best interest to draft clear and comprehensive written contracts.
Find A Civil Lawyer In Singapore
Are you facing any legal issues and you are not sure what to do? Where do you seek help? Can you trust friend’s recommendations of Singapore’s lawyers whom they have previously engaged?
In Singapore, there is no shortage of good civil lawyers. It is just a matter of finding the right one for you in terms of their expertise as well as whether your budget fits their rates.
Can Whatsapp Be Used As Evidence In Singapore Court?
With WhatsApp being so popular, can it be used as evidence to show proof in the Court of Law?
Yes. In fact, Whatsapp chatlogs are being presented as evidence in Court all the time. If you have a case that relies heavily on Whatsapp chat log you will be happy to learn that Whatsapp chat logs can be used to help you support your claim.
Can I Sue On An Oral Agreement
In Singapore, an agreement which is achieved by signing a contract is the norm and so too, the standard practice worldwide. You know that you are legally bound by the terms and conditions stated on the contract.
Bankruptcy Proceedings In Singapore. Is It Your Last Resort?
Bankruptcy is an individual’s legal status declared by the Singapore High Court. A person or a business may be made bankrupt if the individual or the company cannot repay debts that exceed $15,000. According to statistics, as of September 2018, there are more than 17,000 undischarged bankrupts in Singapore.
When a person is made bankrupt, the Singapore High Court will usually appoint the Official Assignee whose role is to administer the bankrupt’s affairs in bankruptcy. The Official Assignee (OA) is an officer of the Court and acts as the receiver of the bankrupt’s estate.
