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. For more information on the Insolvency Office, please click here.