Bankruptcy Hearing

[ck1980]

Dear all,

Can any one advise that i'm receive the supreme court letter for my hearing date where i'm not in singapore, is the way to apply change the date? And how to apply? Any one got this experience? Many Thanks.

 

[BBCWatcher]

According to The Law Society, "If you are unable to attend the hearing on the assigned date, you must write to the Registrar of the Supreme Court immediately to request a later hearing date and state the reasons for your request." The Supreme Court may or may not grant your request.

Anticipating the next question, what happens if you do not attend the bankruptcy hearing? "If a creditor has applied to make you bankrupt and you do not attend the hearing, a bankruptcy order may be made against you, unless the creditor asks the court for the application to be heard at a later date instead." In other words, expect a default judgment.

 

[klien76]

Dear all,

My first post here after so long and spent the last 2 nights reading different threads here. I am running mu own biz and have run into debts - company (working capital loan) and personal (credit cards). Have reduced the total amount over the years but ever since the virus came, everything went downhill. Looking forward things will not improve in the next few months plus im tired of working to pay interest esp when health has been affected. Im planning to declare bankrupt but 2 main concerns and hope if anyone can advise.

1) staying in a private property but wife bought it after we got married. Shes earning a good income and been working for around 10 years. Im listed as a occupier. In this case can they force sell? Can they come into house to seize items if some of the furnitures are bought by me? How to prove who bought which after so many years when we dont have receipt? Or some are bought in malaysia.

2) the car is in her name but due to household budget arrangements, i will make the payment directly. Can they forcesell the car?

3) i read many comments that since going to bankrupt, might as well exhaust all the credit lines and cash out as much as possible. Is it true?

Thanks in advance.

 

[NewInvestor]

Dear all,

My first post here after so long and spent the last 2 nights reading different threads here. I am running mu own biz and have run into debts - company (working capital loan) and personal (credit cards). Have reduced the total amount over the years but ever since the virus came, everything went downhill. Looking forward things will not improve in the next few months plus im tired of working to pay interest esp when health has been affected. Im planning to declare bankrupt but 2 main concerns and hope if anyone can advise.

1) staying in a private property but wife bought it after we got married. Shes earning a good income and been working for around 10 years. Im listed as a occupier. In this case can they force sell? Can they come into house to seize items if some of the furnitures are bought by me? How to prove who bought which after so many years when we dont have receipt? Or some are bought in malaysia.

2) the car is in her name but due to household budget arrangements, i will make the payment directly. Can they forcesell the car?

3) i read many comments that since going to bankrupt, might as well exhaust all the credit lines and cash out as much as possible. Is it true?

Thanks in advance.

1) They cannot seize the house if your wife is the owner; if you have been helping her pay her monthly instalments, the position is murky. As for items in the house, since your wife is the owner, on the face of it your wife also owns all the contents, they can't seize them unless it is apparent they belong to you. For eg, if u are a golfer, the presumption is that the golf clubs belong to you.

2) Low likelihood of them being able to seize the car. Presumably you pay some instalments as your contribution to occasionally hitching a ride. Paymemt by itself does not give a presumption of ownership.

3) Seems logical although I don't encourage this strategy.

 

[testingabc]

Dear all,

My first post here after so long and spent the last 2 nights reading different threads here. I am running mu own biz and have run into debts - company (working capital loan) and personal (credit cards). Have reduced the total amount over the years but ever since the virus came, everything went downhill. Looking forward things will not improve in the next few months plus im tired of working to pay interest esp when health has been affected. Im planning to declare bankrupt but 2 main concerns and hope if anyone can advise.

1) staying in a private property but wife bought it after we got married. Shes earning a good income and been working for around 10 years. Im listed as a occupier. In this case can they force sell? Can they come into house to seize items if some of the furnitures are bought by me? How to prove who bought which after so many years when we dont have receipt? Or some are bought in malaysia.

2) the car is in her name but due to household budget arrangements, i will make the payment directly. Can they forcesell the car?

3) i read many comments that since going to bankrupt, might as well exhaust all the credit lines and cash out as much as possible. Is it true?

Thanks in advance.

what is your entity? business, company or llp etc ?

 

[sanzhu]

Wad fnb u doing!?

 

[klien76]

1) They cannot seize the house if your wife is the owner; if you have been helping her pay her monthly instalments, the position is murky. As for items in the house, since your wife is the owner, on the face of it your wife also owns all the contents, they can't seize them unless it is apparent they belong to you. For eg, if u are a golfer, the presumption is that the golf clubs belong to you.&lt;br /&gt;<br /><br />
&lt;br /&gt;<br /><br />
2) Low likelihood of them being able to seize the car. Presumably you pay some instalments as your contribution to occasionally hitching a ride. Paymemt by itself does not give a presumption of ownership.&lt;br /&gt;<br /><br />
&lt;br /&gt;<br /><br />
3) Seems logical although I don't encourage this strategy.

&lt;br /&gt;<br /><br />
&lt;br /&gt;<br /><br />

Thanks for the reply.

1) i did but the amount is transferred to her account directly.

For 2) i think most if not all payments i made directly to the bank from my account, possibility of them force selling quite high? The thing is she doesnt drive and dont have a license and i am the driver (for insurance).

 

[klien76]

what is your entity? business, company or llp etc ?

Its a pte ltd but i am the guarantor for the loan.

 

[SKenny]

TS,
Did you jointly owned that private property previously and transferred the ownership to your wife recently? If so, your house and its content may be seized.

They may also seize gifts that you have given (a few years) prior to becoming a bankrupt. This is to prevent people from transferring the monies out to escape creditors.

 

[klien76]

TS,
Did you jointly owned that private property previously and transferred the ownership to your wife recently? If so, your house and its content may be seized.

They may also seize gifts that you have given (a few years) prior to becoming a bankrupt. This is to prevent people from transferring the monies out to escape creditors.

Nope. She bought it herself as in downpayment deposit legal fees etc are all paid by her from day 1.

 

[SKenny]

Nope. She bought it herself as in downpayment deposit legal fees etc are all paid by her from day 1.

Then the house is very likely safe from the OA.

However the monthly transfers that you made for the house payment and car instalment can be more of an issue. These can make you an "owner"of these assets as you have (jointly) paid for them.

In addition, these monthly payment can also be seen a monetary gifts and therefore they can be clawed back from your wife. One possible "explanation" is that these payments are your contribution towards your monthly living expense. It may not be too difficult to justify if the amount is reasonable. However if the amounts are vastly more than what one would expect of your lifestyle, then they can be considered as gifts. Another "explanation" could be that you are repaying a loan you took from your wife. However you would need to prove that such a loan took place, or at least prove that previously there was a large sum transferred from your wife to you.

PS: I think the clawback period is upto 5 years prior.

 

[klien76]

Then the house is very likely safe from the OA.

However the monthly transfers that you made for the house payment and car instalment can be more of an issue. These can make you an "owner"of these assets as you have (jointly) paid for them.

In addition, these monthly payment can also be seen a monetary gifts and therefore they can be clawed back from your wife. One possible "explanation" is that these payments are your contribution towards your monthly living expense. It may not be too difficult to justify if the amount is reasonable. However if the amounts are vastly more than what one would expect of your lifestyle, then they can be considered as gifts. Another "explanation" could be that you are repaying a loan you took from your wife. However you would need to prove that such a loan took place, or at least prove that previously there was a large sum transferred from your wife to you.

PS: I think the clawback period is upto 5 years prior.

Thanks so much for your advise.