Conditions Governing Access: Registration is required to read and quote from this file. Under certain circumstances, the High Court or the Official Assignee may grant the disqualified person permission to continue to be a director of a company. (b) In case of bankrupt sellers, the seller needs a written consent from the Official Assignee for selling the property as the Official Assignee may request that the payment be paid to them. Copies may be made for personal reference. The Official Assignee, Bankruptcy Office, Singapore. The costs of bankruptcy proceedings in Singapore are much higher than those of DRS. The Official Assignee or the private trustee in bankruptcy will contact the bankrupt for him or her to come to their office for a briefing. We are open between 8.30am - 5.00pm, Monday to Friday (excluding public holidays). making a debt settlement proposal to creditors) are preferred over Method 3 (i.e. Registry Of Pawnbrokers. Community Mediation Centre. Leaving out Method 4 (i.e. The repayment amount is being formulated carefully by the Official Assignee after assessing the debtor financial situation. paying off all outstanding debts) and 2 (i.e. The Official Assignee acts as the overseer of the bankrupt individuals estate. The disqualified director must notify ACRA via Bizfile if this is the case. Registry Of Moneylenders. Fair Scheme for Debtor & Creditor. The costs of DRS are much lower, including a 1.5% fee to OA for collection and 3% for distributing the funds. Acts as a fair scheme for both debtor and creditor. 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. Insolvency Office. According to statistics, as of September 2018, there are more than 17,000 undischarged bankrupts in Singapore. obtaining a Certificate of Discharge from the Official Assignee), which is solely at the Official Assignee’s discretion and cannot be applied for, Methods 1 (i.e. Exemptions. The Official Assignee sells the property and distributes the proceeds to the creditors. By phone. If you pass away while still being an undischarged bankrupt, your CPF monies will be distributed according to your CPF Nomination or Singapore’s intestacy laws. Call us if you would like more information or have a question. Record Date: 1935. Contact us. Public Trustees Office. Anti-Money Laundering / Countering The Financing Of Terrorism In most cases, debtors repay their debts. A bankruptcy order, then, is issued by the Court, an Official Assignee will then be assigned to manage the bankrupt individuals property. Who is an Official Assignee in Singapore? (c) The buyer should be eligible to buy a property as per … Legal Services Regulatory Authority. Legal Aid Bureau. For more information on Corppass, please visit www.corppass.gov.sg. ... Singapore 757322 contact@debtpedia.sg. Record Description: Correspondences between the Bankruptcy Office and Raffles Museum. There have been scam calls impersonating as MinLaw officers. Free within New Zealand 0508 467 658 0508 INSOLVENCY. Z. From 2 Jun 2020, the Ministry of Law Services Centre will operate from Mondays to Fridays, 8.30 -5pm (Last ticket will be issued at 4.30pm). International Callers Microfilm Number - Blip Number: MSA 1139. However, the proposal amount is subjected to approval by the Official Assignee. For more info, please refer here. Free from Australia 1800 446 765 1800 4 INSOLVENCY. However, this withdrawal will not be protected from claims by your Official Assignee, and may go towards paying your debts. 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