Bankruptcy action: Bank costs may go up

Singapore

BANKS and other institutional creditors will have to bear a much higher cost when collecting debt from individuals by having them declared bankrupt - as the government steps back from this process, and shifts most of the burden to corporations.

This comes alongside another key amendment to the Bankruptcy Act introduced in Parliament on Monday that means those declared bankrupt in later years will come under a more rehabilitative regime.

"The Bill seeks to introduce reforms to the bankruptcy…