Re: Bankruptcy of a Singaporean Sales Manager
Hey Charlie99: You think bankruptcy here is harse? Wrong!! Dead wrong. I have many judgement debtors and most of them are living it high - almost all drive bigger cars than mine. The laws are tough on bankrupts yes but they are seldom policed. The field enforcement unit is either not doing their job or has been eliminated from the OA office. As a result all bankrupts had it good, never so good before........ rules are there & they dun need to comply. Many cases of flouting - one bloke called Ho, a former property tycoon travelled 200 times without OA permission & he was hardly caught; many own & drive cars when they are not supposed to. Others tried and got discharge without paying a single cent to their biggest creditors (as long as Govt./agencies are paid...).
The smart asses borrowed to the hilt; get bankrupted and apply (& get) discharge after 1-2 years richer, legally. by millions. Which country has it so good?
The list of abuse goes on & believe you me Bankruptcy Laws here are for foreign investors to see, NOT for implementation with OA office pushing discharges without merit like son of a bitch!
Hey Charlie99: You think bankruptcy here is harse? Wrong!! Dead wrong. I have many judgement debtors and most of them are living it high - almost all drive bigger cars than mine. The laws are tough on bankrupts yes but they are seldom policed. The field enforcement unit is either not doing their job or has been eliminated from the OA office. As a result all bankrupts had it good, never so good before........ rules are there & they dun need to comply. Many cases of flouting - one bloke called Ho, a former property tycoon travelled 200 times without OA permission & he was hardly caught; many own & drive cars when they are not supposed to. Others tried and got discharge without paying a single cent to their biggest creditors (as long as Govt./agencies are paid...).
The smart asses borrowed to the hilt; get bankrupted and apply (& get) discharge after 1-2 years richer, legally. by millions. Which country has it so good?
The list of abuse goes on & believe you me Bankruptcy Laws here are for foreign investors to see, NOT for implementation with OA office pushing discharges without merit like son of a bitch!
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