Kiasunomics 2 by Sumit Agarwal

Author:Sumit Agarwal
Language: eng
Format: epub
ISBN: 9789811217111
Publisher: World Scientific Publishing Company
Published: 2021-06-15T00:00:00+00:00

Bankruptcy in Singapore

Singapore has very strict rules regulating bankruptcy. Bankrupt individuals need to pay back their debt under government supervision. They are also prohibited from consuming anything beyond subsistence needs for an extended period of time. Hence, going on vacation, traveling by taxi or buying luxury products are prohibited unless consent is given by the creditors.

Personal bankruptcy is also public information as this is published in the Government Gazette. This implies the possibility of social stigma when an individual is made a bankrupt. In Singapore, where traditional Asian values run deep, bankrupts are often labelled as irresponsible spenders.

As such, bankruptcy has severe consequences. Not only do bankrupts lose almost all their assets, but post-bankruptcy, they also have very little to spend.

One of the few assets that bankrupt individuals in Singapore can keep is their main residence if it is a public housing flat. They can continue living in the HDB flat and maintain social ties with their neighbours.

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