Information for Creditors
1. Should I file for bankruptcy against my debtor?
2. Can I get a debtor who has been made a bankrupt repay his loan?
Once a debtor is declared bankrupt by the High Court, you can no longer commence or continue with any legal action against the bankrupt to recover monetary claims that arose before the bankruptcy.
Creditors who are owed debts which arose before the bankruptcy are advised to file a Proof of Debt with the Official Assignee online.
3. How do I recover my claims against a bankrupt?
If your claim was incurred prior to the making of the Bankruptcy Order, you can submit a Proof of Debt (Form 23) to the Official Assignee.
If you are the creditor who commenced the bankruptcy proceedings, you should also file a Proof of Debt against the bankrupt.
Debts that are incurred after the date of the making of the Bankruptcy Order are not provable (claimable) against the bankruptcy estate. If a bankrupt borrows from you without informing you of his status as a bankrupt, you should immediately provide feedback to the Official Assignee, using the “First Incident Report” form.
4. How do I file a Proof of Debt (Form 23)?
The filing of a Proof of Debt is done online here. It costs $5.00 to file each Proof of Debt. If you would like to lodge your claim electronically, you may do so here.
5. What information is needed when filing a Proof of Debt (Form 23)?
The Proof of Debt should reflect the bankrupt’s information such as the bankrupt’s name, bankruptcy reference number and the creditor's particulars including the amount owed and the nature of the claim. Please refer to the Checklist to Creditors for the Supporting Documents to be submitted.”
Documents such as invoices, Judgments Order and/or other supporting documents are to be furnished to the Official Assignee to support your Proof of Debt.
If the documents supporting your claim in the Proof of Debt cannot be attached to the submission without unreasonable expense or unreasonable inconvenience, you must attach a copy of a signed declaration to confirm that the supporting documents will be furnished to the Official Assignee within 14 days of the filing of the Proof of Debt, before you can proceed with the submission.
The supporting documents shall be sent to the Official Assignee within 14 days from the date of submission of the Proof of Debt through the following modes:
(a) By hand at the One MinLaw Center at The URA Centre (East Wing), 45 Maxwell Road #07-11, Singapore 069118;
(b) By post to the One MinLaw Center at The URA Centre (East Wing), 45 Maxwell Road #07-11, Singapore 069118;
(c) By facsimile at 6325 1417; or
(d) Or at Contact Us @ OneMinLaw
The sample declaration (Form DC1) can be downloaded from our e-services website here.
If you do not have any documents to support your claim in the Proof of Debt, you must attach a copy of a signed declaration to confirm that you have no supporting documents, before you can proceed with the submission. The sample declaration (Form DC2) can be downloaded from here.
Please quote the e-filing reference number and the bankruptcy reference number of the bankrupt when you submit the supporting documents. Proofs of Debt without any supporting documents will be rejected.
6. How much does it cost to file a Proof of Debt (Form 23)?
For the mandatory online filing of a Proof of Debt, a filing fee of $5.00 is payable.
Please note that the fee for filing a Proof of Debt is not claimable against the bankruptcy estate.
7. Can I find out how much is the total claims made against the bankrupt?
Yes. You may access the Individual Insolvency Administration Information (IIAI) portal on our website to find out the total claims made against the bankrupt’s estate.
You will also obtain information on the date of the filing of the bankruptcy petition, the name of the petitioning creditor, the date of the Bankruptcy Order, the trustee in bankruptcy and the total amount in the bankruptcy estate account.
Each online search costs $5.
8. Can I take further legal action against a bankrupt?
Generally, you may not take further legal action or commence further legal proceedings against a bankrupt to recover any debts incurred by the bankrupt before the date of his Bankruptcy Order.
You are advised to write to the Official Assignee before you do.
9. What are my rights as a secured creditor?
If you hold security over a bankrupt’s property or goods, you have a right to sell the property or goods if the bankrupt does not continue to meet the payments when they are due. You should realise the security within six months from the date of the making of the bankruptcy order or such extended time as the Official Assignee may allow. After the granted extension, you will not be entitled to claim any interest in respect of your debts subsequent to the date of the making of the Bankruptcy Order.
If the property or goods are worth more than the outstanding loan secured against it, any balance from the proceeds of sale after discharging the security will be remitted to the Official Assignee for distribution as dividends to the bankrupt's creditors.
10. What type of assets/properties are protected from creditors?
Certain types of assets/properties are protected against creditors by law and therefore cannot be sold or taken over by the Official Assignee.
Such properties include:
- Properties held on trust by the bankrupt
- HDB flats where at least one of the owners is a Singapore Citizen
- Central Provident Fund (CPF) contributions
- necessary household furniture, personal effects
- limited tools of trade
- life insurance policies held on express trust for the benefit of the bankrupt’s spouse or children
- compensation awarded for legal action in respect of personal injuries or wrongful acts against the bankrupt.
11. When will I receive dividends from the bankruptcy estate?
A notice will be published in The Straits Times to inform you of the Official Assignee's intention to declare dividends to the bankrupt's creditors. This is done when there are sufficient funds in the bankruptcy estate for a dividend pay out or when the bankrupt has made a debt settlement proposal for his discharge from bankruptcy.