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bankruptcy-proceedings

Bankruptcy

What is bankruptcy

In Singapore, bankruptcy is a legal process involving an individual or firm that is unable to repay any outstanding debt of at least $15,000.

The General Division of the High Court is the only court that hears bankruptcy applications.

Once an individual or firm is declared a bankrupt, their property will be vested in a court-appointed trustee, who will manage the bankrupt's financial affairs.

You can file a bankruptcy application for yourself (for the court to declare you a bankrupt), or against another party who owes you money.

Who is involved in a bankruptcy case

A debtor is a party who owes a sum of money to another party, called the creditor.

Note
Either the debtor or the creditor can file a bankruptcy application. In both cases, the court will make a bankruptcy order against the debtor if the application is successful.

All bankruptcy cases are to be handled by private trustees in bankruptcy (PTIBs) except for cases where the Official Assignee considers that there is public interest and consents to be appointed as the trustee in bankruptcy.

A person applying to the court for bankruptcy, whether by a creditor against a debtor, or by a debtor for himself or herself, is required to nominate a licensed insolvency practitioner to administer the bankruptcy case. The applicant must obtain the written consent of a licensed insolvency practitioner before filing the bankruptcy application. The court hearing a bankruptcy application will not make a bankruptcy order on a bankruptcy application if neither a licensed insolvency practitioner nor the Official Assignee has consented to act as the trustee in bankruptcy.  

File for bankruptcy for yourself (from 1 April 2022)

Check if you can apply to make yourself a bankrupt and understand the process. The application will be known as a debtor's bankruptcy application.

File for bankruptcy against another party (from 1 April 2022)

If another party owes you money, you may apply to make them a bankrupt. Understand the process of a creditor's bankruptcy application.

Respond to a bankruptcy application (from 1 April 2022)

As a debtor, find out what it means and what to do if you are served with a bankruptcy application made against you.

Going to court for a bankruptcy hearing

If you are a debtor or creditor in a bankruptcy application, you need to attend a hearing scheduled by the court unless you are represented by a lawyer.

Respond to a statutory demand (from 1 April 2022)

If you receive a statutory demand from a creditor, the creditor can apply to make you a bankrupt if you do not comply with the demand or apply to set it aside.

Appeal against a court decision in a bankruptcy case (from 1 April 2022)

Find out about appeals against a court decision in a bankruptcy case and applications for a stay of a bankruptcy order.

Apply to annul (cancel) a bankruptcy order (from 1 April 2022)

Find out how to apply for the court to annul (cancel) a bankruptcy order made against you.

Apply for discharge from bankruptcy (from 1 April 2022)

If you are a bankrupt, one of the ways to end your bankruptcy is by applying for a discharge order from the court. Find out how to apply.
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Last updated on 19 February 20242024/02/19.