New bankruptcy rules kick in from August

Singapore

NEW rules under Singapore's bankruptcy framework to create a more "rehabilitative environment" for bankrupts will come into force from August, the Ministry of Law (MinLaw) said on Wednesday.

The minimum debt amount that needs to be owed before a person may be made bankrupt will be increased to S$15,000, from S$10,000. This accounts for inflation since 2000.

Under the new framework, a timeline has been provided such that most first-time bankrupts should be eligible for discharge after five years - …