Helping you navigate financial difficulties

Financial difficulties are real problems many individuals may face, especially in the current complex, uncertain, and volatile economy and market.

Our dedicated team of professionals helps individuals with financial difficulties to restructure their personal debts. We are also able to act as private trustees in situations where the debtor’s personal insolvency is imminent and will result in bankruptcy.


Nominees in Voluntary Arrangement

The Insolvency, Dissolution, and Restructuring Act enables individual debtors to pre-emptively avoid bankruptcy proceedings. We may act as "nominees" to facilitate the consideration and adoption of a composition or voluntary arrangement.


Private Trustees in Bankruptcy

As a leading service provider for Private Trustees in Bankruptcy (PTIBs), we can be nominated to administer the bankruptcy estate of individuals facing imminent insolvency. Effective November 1, 2023, debtors and all types of creditors must appoint PTIB, who are the default administrators for all bankruptcy cases, unless the Official Assignee (OA) deems it in the public interest and assumes the role. 

Our dedicated team of professionals at RSM Corporate Advisory Pte Ltd has the requisite knowledge and experience to guide you through the process.

Frequently Asked Questions (FAQs) 

Your existing debts will not grow any bigger once a bankruptcy order is made and issued by the High Court, your creditors cannot add interest on the amounts you owe, so the debts amount would be frozen at that point (This does not apply to all cases. Kindly contact us to see if this is applicable to you).

If you recognise that the probability of fully repaying your debts is low, and you are unable to negotiate alternative arrangements with creditors for debts settlement, then opting for bankruptcy may be a viable choice for you.

You must meet both of these criteria to be declared a bankrupt:

  • You owe a debt of $15,000 or more and are unable to repay the amount; and
  • You satisfy at least one of the following conditions:

- You are domiciled in Singapore. This means you treat Singapore as your permanent home. 

- You have property in Singapore. 

- You have, at any time within the period of 1 year immediately before the date of the application, been ordinarily resident or have had a place of residence in Singapore. 

- You have, at any time within the period of 1 year immediately before the date of the application, carried on business in Singapore.

You may choose to file the bankruptcy application personally or through a lawyer. All bankruptcy applications are to be filed in the General Division of the High Court.

If you are represented by a lawyer, the application will be filed by your lawyer. Otherwise, you may file the application yourself.

More information can be found here

PTIBs will be the administrators of all bankruptcy cases unless the Official Assignee (OA) considers there is public interest and consents to be appointed as the administrator of the bankruptcy estate.   Debtors (via Self-Petition Bankruptcy Applications) and all types of creditors (e.g. Financial Institutions, Leasing & Insurance companies, etc., via Creditors Bankruptcy Applications) will have to nominate a licensed insolvency practitioner to act as the PTIB and obtain their consent.

Other miscellaneous amendments in the Insolvency, Restructuring and Dissolution Act 2018:

(a)   Parties may obtain information, for a prescribed search fee, on bankrupts’ current employment status and employment history.

(b)   Providing PTIBs with an additional means of determining their remuneration, namely by agreement of all creditors. This will provide PTIBs with more options to lower the operational costs in bankruptcy administration, which will benefit creditors.

For more information on PTIBs-administered regime and miscellaneous amendments, please visit the insolvency Office website at:

  • Deposit to Official Assignee
  • Legal Fee
  • Deposit to Private Trustee in Bankruptcy

You should receive a Notice informing you of the scheduled hearing date and time. You should attend the hearing. If you are unable to attend, you must make a request to change the court date with the Registrar of the Supreme Court for a later hearing date stating the reason(s) for such a request. All requests are subject to the approval of the Court. Find out what happens at a bankruptcy hearing.

The information here is for reference only and is subject to amendments and/or updates as and when stipulated by the relevant jurisdictions.  

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