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Debt Repayment Scheme (DRS) Official Assignee

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Old 27-01-2019, 10:38 AM   #1
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Unhappy Debt Repayment Scheme (DRS) Official Assignee

The Debt Repayment Scheme (“DRS”) is a pre-bankruptcy scheme which is administered by the Official Assignee under the Bankruptcy Act (Chapter 20).



It seeks a win-win outcome for both the debtor and his creditor. Debtors with unsecured debts not exceeding $100,000 will be able to enter into a debt repayment plan (“DRP”) under the DRS with their creditors and avoid bankruptcy, along with its restrictions and social stigma.





The proposed DRP must ensure that the interests of creditors are adequately safeguarded. These debtors will commit to the DRP and repay their debts over a fixed period of time of not more than 5 years. When the debtor meets his financial obligations under the DRS, he will be released from his debts and have a fresh start thereafter.
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Old 27-01-2019, 10:41 AM   #2
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Unhappy How Do I Apply for the DRS?

In order to apply for the DRS, you are first required to file a bankruptcy application with the court. Or, if your creditors have already taken out bankruptcy proceedings against you, the court will refer you to the Insolvency Office for the OA to assess your eligibility to enter the DRS.
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Old 27-01-2019, 10:42 AM   #3
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Unhappy What is the Eligibility Criteria for the DRS?

You are eligible for the DRS if:

Your total debts do not exceed S$100,000
You have not been a bankrupt any time during the last 5 years
You have not have been on the DRS in the last 5 years
You are not a sole proprietor or a partner in a partnership

You must also not:

Submit or furnish any information or document to be false or misleading to the OA in relation to your financial affairs;
Fail to disclose any information relating to your financial affairs that is required by the OA;
Fail to disclose your property or any disposal of your property to the OA;
Feign losses and expenses to account for your property when reporting to the OA;
Enter into any undervalue transaction with another party 5 years from the day on which the bankruptcy application is made against you until the last day of completing the DRS; or
Give any unfair preference to:
An associate 2 years from the day on which the bankruptcy application is made against until the last day of completing the DRS; or
A third party 6 months from the day on which the bankruptcy application is made against until the last day of completing the DRS
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Old 30-01-2019, 12:34 PM   #4
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Dun know whether is risky or not, to apply for bankruptcy to get DRS...
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