Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Bankruptcy Act as of 2015, with Debt Repayment Scheme
#1
As many of you know you can bankrupt a person if he owe you more than $10k, since 2015 it have been changed to $15k.

Moreover, it is the court decision whether he can draw up a private repayment model to pay you back over a period of time.

The Debt Repayment Scheme (“DRS”) is a voluntary pre-bankruptcy 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 exceeding $100,000 will be able to enter into a debt repayment plan (“DRP”) under the DRS with their creditors and avoid bankruptcy, along with its restrictions and social stigma.

The proposed DRP must ensure that the interests of creditors are adequately safeguarded. These debtors will commit to the DRP and repay their debts over a fixed period of time of not more than 5 years. When the debtor meets his financial obligations under the DRS, he will be released from his debts and have a fresh start thereafter.

[Image: 1427945226412.png]
Reply
#2
ZZZ, I got a friend owe me $12k and I want to take actions against him sia. Now cannot already
Reply
#3
I think this is a subjective law, you may still sue the person bankrupt if you insist.
Reply
#4
I think not only $15k, as long as the person can prove he can repay slowly, it is $100k.
Reply


Forum Jump:






Users browsing this thread: 1 Guest(s)