Public Consultation on the Bankruptcy (Amendment) Bill
Consultation Period: .
16 Jan 2015 to 24 Feb 2015
Singapore’s bankruptcy laws are principally set out in the Bankruptcy Act (the “Act”). The Ministry of Law (“MinLaw”) has recently reviewed the bankruptcy regime with a view to creating conditions conducive to sustainable entrepreneurship and risk-taking, while preserving responsible debt management and ethical commercial conduct. In doing so, MinLaw has borne in mind the need to balance the interests of debtors, creditors and society.
In October 2013, the Insolvency Law Review Committee also submitted its report (“ILRC Report”) to MinLaw, which included recommendations on reforms to the bankruptcy regime.
Pursuant to the above, MinLaw intends to introduce reforms to the bankruptcy regime by way of a Bankruptcy (Amendment) Bill (the “Bill”), a copy of which is attached at Annex A. These reforms include:
- Increasing the debt threshold for bankruptcy from $10,000 to $15,000;
- Mandating the appointment of private trustees when defined “institutional creditors” apply to bankrupt individuals;
- Introducing a differentiated discharge framework; and
- Adopting the recommendations of the ILRC Report.
This public consultation seeks the public’s views on the reforms that will be introduced by the Bill. A summary of the key reforms is attached at Annex B(324KB).
MinLaw invites interested parties to provide views and feedback on the proposed reforms to Singapore’s bankruptcy regime. The consultation period is from 16 January 2015 to 24 February 2015. The feedback may be sent in electronic form or hard copy form to:
Community Legal Services Division
Ministry of Law
100 High Street
#08-02, The Treasury
Fax: 6332 8842
Last updated on 19 Oct 2015