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What Happens To People’s Assets When They Pass On? Is making a will necessary? What Happens In Singapore When Someone Passes On? Before going to a company that does estate planning (i.e. a company that helps you with will writing and its execution), it is important to first know that...

thanks all how do i get my signature display in my post? i mean the old post, they did not appeared in my thread

Debt Repayment Scheme ("DRS") https://www.mlaw.gov.sg/content/ipto/en/bankruptcy-and-debt-repayment-scheme/debt-repayment-scheme/faqs.html 20. What are some of the duties that a debtor must comply with? A debtor must pay his instalments, bonuses from his salary and fees when required. He must...

Debt Repayment Scheme ("DRS") 14. How will the monthly payments made by the debtor in accordance with the DRP be monitored and distributed to the creditors? The OA will monitor the monthly payments made by the debtor. Upon the commencement of the DRP, creditors will receive periodic payments...

Debt Repayment Scheme ("DRS") 6. What makes a debtor unsuitable for the DRS? When a debtor fails to comply with the OA’s instructions by not co-operating with the OA (e.g. failed to submit or complete the documents required of him, pay the required fees, or his liabilities exceed...

Debt Repayment Scheme ("DRS") 1. What is the Debt Repayment Scheme (“DRS”)? The Debt Repayment Scheme (“DRS”) seeks to assist debtors who have debts not exceeding $100,000 and who are employed and earning a regular income by devising a debt repayment plan (“DRP”) to pay these debts over a...

General Information on DRS and Forms Forms for Debt Repayment Scheme ("DRS") DRS Proof of Debt Form (Not for bankruptcy cases) (116 KB) Checklist to creditors for supporting documents (23 KB) Form DC1 -- Declaration of Creditor Whose Supporting Documents Can Only Be Furnished...

Debt Repayment Scheme (DRS) The Debt Repayment Scheme (“DRS”) is a voluntary and debtor-driven scheme which is administered by the Official Assignee under the Bankruptcy Act (Chapter 20). It seeks a win-win outcome for both the debtor and his creditor. Debtors with unsecured debts not...

Forms For Bankruptcy Proof of Debt General Form (45 KB) Checklist to creditors for supporting documents (23 KB) Form DC1 -- Declaration of Creditor Whose Supporting Documents Can Only Be Furnished to the Official Assignee Within 14 Days of Filing of Proof of Debt (44 KB) Form...

Information for Creditors 6. Are there costs for filing a Proof of Debt (Form 23)? For online filing of a Proof of Debt, a filing fee of S$5 is payable. Please note that the fee for filing a Proof of Debt is not claimable against the bankruptcy estate. 7. Can I find out how much is...

Information for Creditors 1. Should I file for bankruptcy against my debtor? Please refer to : Alternatives for Bankruptcy Filing for Bankruptcy 2. Can I get a debtor who has been made a bankrupt repay his loan? Once a debtor is declared bankrupt by the High Court, you can no longer commence...

Discharge from Bankruptcy How do I get out of Bankruptcy? There is no automatic discharge from bankruptcy in Singapore. However, you can get out of bankruptcy in these three ways: a. Annulment of the Bankruptcy Order by full settlement or Offer of Composition or a Scheme of Arrangement; b...

Assets of a Bankrupt Can I open a bank account? Yes. The Official Assignee will assist you in opening a new savings account. This account will allow cash withdrawals, Automated Teller Machine facilities and GIRO deductions. The following conditions will be imposed when you open the new...

Responsibilities and Rights of a Bankrupt Other Duties and Responsibilities of a Bankrupt Can I sue or continue any court actions? You cannot bring or continue any court actions, other than an action for damages or compensation in respect of personal injuries or wrongful acts against you...

Responsibilities and Rights of a Bankrupt Categorising and Zones Will I be categorised based on my conduct in bankruptcy? Yes. This categorisation helps to streamline case administration and allows bankrupts who show satisfactory conduct to have certain privileges in relation to, for...

Responsibilities and Rights of a Bankrupt Managing a Business or Becoming a Director Can I manage a business or corporation? You may apply to the High Court or to the Official Assignee for permission to: i. Manage or take part in any business under the Business Registration Act (Chapter...

Responsibilities and Rights of a Bankrupt Travelling Overseas Can I travel overseas? You are allowed to leave Singapore or remain overseas with the prior approval of the Official Assignee. If you attempt to travel overseas without the Official Assignee's permission, you may be stopped...

Responsibilities and Rights of a Bankrupt Contributions to Bankruptcy Estate Must I contribute any income to my bankruptcy estate? If you are gainfully employed, you must make a monthly contribution to your bankruptcy estate for the benefit of your creditors. The contributions will be...

Impact of Bankruptcy What will happen to my secured assets? Creditors (e.g. banks or other financial institutions) who hold security over your assets or goods, have a right to sell the assets or goods if you default on your payments. The Official Assignee will require any proceeds of sale...