Bankruptcy action: Bank costs may go up
Changes proposed for govt to step back in cases involving institutional creditors
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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.
