Bankruptcy regime being reviewed
All bankrupts may soon be placed on a national register for a fixed period, even after they've cleared their debts.
Potential creditors will have access to this register, before deciding whether to extend credit to other parties.
Law Minister K Shanmugam announced this during the Committee of Supply debate for his ministry today.
"This is with the view towards putting in place a more rehabilitative regime that will allow bankrupts to be eligible for discharge within clear time frames, where justifiable."
Mr Shanmugam adds that the time frame for bankruptcy discharge will also be differentiated.
This will depend on several factors.
For instance, whether the bankrupt pays back a targeted amount, whether the creditors object to the discharge, and whether there are special circumstances such as a debilitating illness during the bankruptcy.
Mr Shanmugam says this approach should provide an incentive for bankrupts to cooperate.
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