Lawyers in singapore

BANKRUPTCY AND INSOLVENCY LAW

Do not ignore letters of demand, statutory demands and Writ of Summons from your creditors. A Writ of Summons from the court would compel your creditors to commence bankruptcy proceedings against you. You can be made a bankrupt even if you refuse to accept service of legal documents from your creditors.

Many people are of the view that it would be easier to be made a bankrupt as this will release them of their debts. Though this may be true, they fail to realise that after being made a bankrupt, their assets become vested with the Official Assignee (OA) and are divisible among their creditors.

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