Insolvency & Public Trustee's Office
The Insolvency & Public Trustee’s Office oversees the administration of the affairs of individual and corporate bankruptcies, estates of deceased persons and motor accident compensation claims, as well as the regulation and licensing of moneylenders and pawnbrokers.
The Official Assignee administers the affairs of bankrupts and the Official Receiver administers the affairs of wound-up companies. Both seek to recover assets from the insolvent to satisfy the debts owed to creditors while ensuring that the insolvent is treated fairly.
To promote enterprise and entrepreneurship, Singapore’s debt recovery system strikes a balance between meeting the interests of creditors and providing fresh starts for debtors.
There are also alternative schemes for financially-distressed individuals to repay their debts to creditors, and to avoid the social stigma attached to bankruptcy.
The Public Trustee administers the estates of deceased persons, where the value of the estate does not exceed $50,000, as well as compensation in motor accident cases. The Public Trustee also maintains a confidential Wills Registry which acts as a central information centre for all Wills that are drawn up, of which notice has been given to the Public Trustee
Moneylending & Pawnbroking
The Registry of Moneylenders and the Registry of Pawnbrokers respectively oversee the registration and regulation of moneylenders and pawnbrokers in Singapore.