“The Naked Truth Of Bankruptcy”
You’ve planned well into your retirement age, got a good & sound financial programs that see you and your family thru’ the financial needs in your twilight years then you wanted to make sure nothing will go amiss so you signed-up a complete insurance protection plans with end to end coverage namely accident, endowment/whole life etc., for your family and yourself including a healthcare plan that leave you with ease of mind. You can’t stop to think & wanted to play it safe so you bought yourself a pre-paid burial ground & for a better deal you bought a skyscraper columbarium up at top storey seating at North-South facing with bidded no: 888. You’re happy with such arrangement to keep your last remains that’ll take care of your nether solitude. You’ve always doing & planning ahead of times since when you’re in school right up to tertiary & the day you started out your first job. The progression ideally level up to your peer to live up to your ego for a reason – being a champion. You would not want to miss a slightest thing in your life or take any chance for you know you can’t afford to gamble with it. You’re married your spouse little do you know his/her family, the whole unit becomes your extension of liability so somewhat the indebtedness in turn increased inevitably.
Looking back in times life was easy without putting up much of a struggle amid wars and killings elsewhere over space and money control. We progress fast we wanted more space and money. The growing desire becomes an insatiable ego like a disease. We learnt to enjoy transient and non-permanence things that further human sufferings and pains. We’re entering nothing new of the First World but all just a rearrangement of archaic form. Before we bid farewell to the Third World we should give thank to the past. The glimpse of the past of the Third World has offered us great masses and left a trial of remarkable histories. The past taught us plenty. Man learns to make fire, clothe and chip the stone and civilization began that ended the Stone Age. We dearly missed the dinosaur not for its waste heap but a huge creation from God so we cannot missed and forgotten all his almighty work-creation to that little ant that show his compassion towards humanity. Darwin’s doctrine was not right at that time because the dinosaur was no good for the future because its limbs cannot write. Doxology proves God is flawless and dinosaur was the God’s best creation before Ant than Man. The Sun is the first God because it gives Life. Man makes things not to mark times. In our pastime we made machine out of steel that can fly and ton of waste steel called bulldozer to move earth. We built City with cancer. Graveyard was the very first city. Commerce World was rediscovered from the Third to First World with new strain of curses. How’s interesting people barter trade for the sake of livelihood. More people involved and circle become bigger and bigger. There were great promises as life moved up and the volumetric traffic in trading were overwhelming, people realize that they must not slacken so to catch-up and stay ahead of the Cost of Standard of Living. They’re imprisoned or indulged themselves with material acquisition and waylaid sexual misconduct. The soul and mind will rot for sure!. Soon when they lost the Cost of Standard of Living they begin to worry the Cost of Staying Alive!. The Money struggles let us to see a transformation of an elite group whom are always in control because of its obvious strength and power. The middle and bottom group lie in wait for self-deceiving preference in existence. The Middle group always enjoys better and more perks than the Bottom. Many whom fall under their charge are working 365 days and still working even the tombstone inscription read “Really In Pain” Not Rest In Peace. It’s sad and like the same we work for money. The commercial players are like spiders so monstrous that, in order to mate, she must spin a bauble to dangle coyly before the timid, tiny male. Enticed by such shining promise, the male scurries into her web where, stroke by her seductive legs, he copulates with this mother of his species. Their joys completed, then she consumes him, throwing away his shriveled shell and her courting gift together. She will not have rubbish lying about her web. All males of this species are virgin. How elegantly the spider displays Nature's economy and delicate sense of fun.
It’s always started with tempted offer an irresistible offing that drawn you into a situation later that you find it hard to free yourself and when the worst happened they leave you in the lurch; Easy credit subscription and a repayment plan at least from 2 years to almost 30 years to own something that is worthless or depreciated in value thru’ the years and still you’re not the right ownership until you fully settled the outstanding amount. You’re in fact made yourself a worthy debtor once you put your signature on the dotted lines. Between now and if ever the gotten time to fully settled the debts you’re exposed to liability. A liability that will bankrupt what you’ve single handedly built an economic wealth and fortune of your own just perished overnights. Have you not forgotten to plan to equip yourself to face up to the challenge of bankruptcy? It’s a disease, which we might be infected only under exceptional commercial circumstance or sudden change of personal fortune to beyond one’s expectation that one might end up as a pauper or due to unemployment arising from retrenchment or ill health or other justifiable reasons.
It’ll never happen just overnight to arrive yourself to such a sorry stage. It takes symptomatically signs for the walls to cave-in. The hairline crack on the wall should allow you to take heed of its fatigue just the same the bankruptcy before it really happen a noisy environment accompanied by pounding creditors always come to you day in and day out until your front door filled with sticky paste of serviced summons. A bad sign will be you missing repayment payment then follow by lawyer letters of demand that outrage your dignity. You’ve no choice but to swallow your pride. If you’ve cast aside that ego and dare to peek into what-all-about-bankruptcy and understand its implication for sure you’ll have eyes to see it coming your way. Things as in the unknown cum unexpected will be clearer before you and do things that are well on course for remission. Once you’ve a hand on it you surely outmaneuver and outsmart even though how tight spot you’re in. But there’re premonition and sign that you’ll know things are going amiss. Exploit and take advantage of such symptoms to sway you and reap that near “benefits”, as it never comes too often. In such adversity a bad situation still bear some “fruit” if only you know how to sow its seed. Budding is exciting if you follow thru’ as situation as it dictates. First you run late in your repayment installment then went default in paying because you’ve exhausted your fund and your rollover credits were fully utilized and stopped. You’re at your wit end and cash strapped. Borrowing money from friends and relative only worsen and increase your indebtedness. You received many creditors lawyer letters, debt collectors one after another demand for full payment then service of statutory demand from High Court to petition your bankruptcy. Before you’re adjudicated a bankrupt the creditors applied the Writ of Seizure and Sales to auction your assets and belongings. They served notices on your door i.e paste it on your front door and you’re not allow to take it down until the seizure sales is completed or otherwise. You’re gutted and frustrated because the notice flashes your quilt and financial plight so much so to catch the eyes of your neighbors. The extended embarrassment and agony is hard to take especially your family and children were caught as to how to handle inquisitive neighbors and friends. A week later they’ll come with executioners to auction your seized items. The second hand good dealers come in-group of threes were all strangers and ready to scramble to your house and start bidding their worth. A syndicate will coax you later to buy back the seized items by the thousand dollars. You entrapped to raise immediate fund thru’ friend and relatives to pay them. It’s sad situation where it can be avoided if you know how to make a third party claim you wouldn’t have suffer such a bad day. The nightmare will not go away yet because you’ve to attend the High Court hearing to your bankruptcy petition order which is mostly held on every Friday at 2.30 PM that last to 5.30 PM. It’ll take less than 5 minute for the Court Counsel to make you’re a bankrupt if you don’t have any mean to settle your creditor debts or don’t have exceptional proposal. You can file for appeal if you think the judgment order need recourse or aggrieved due to ill bankruptcy.
The next day you’ll notice that all your bank accounts, salary thru’ GIRO, insurance policies, investment shareholding were frozen and locked. Totally rendered inaccessible. The monies in the bank cannot be withdrawn left you in distress, panic and desperate because you need the money to buy the daily basic needs for your family such as food, grocery and pay for your children daily school allowances. You got stuck with no money to take your parent for their medical appointment or needed treatment follow-ups and so on. All is not lost as you can seek immediate assistance from your children school and government welfare agency. You can make a written appeal to ask the Official Assignee to release the frozen fund immediately with valid reason or if you’ve been subjected to hardball situation your next recourse is thru’ higher authority representation from your Member of Parliament as a last resort. What’s if all attempts were futile then you should proceed your matter to the next higher level in the judicial system in Singapore. You’ll be shocked that your utility and power supply were cut off that left your whole family stranded. You wanted to make a telephone call to urge the authority to reconnect the supply lines but the telephone line was also disconnected. When you managed to use a public phone to reach them you cannot believe that they brushed you aside and nothing much they can help you. By now you’re feeling your life was falling apart. There’re more unwanted surprises waiting in the pipeline. If you’re involved yourself in business as a company director then you’re disqualified under the Bankruptcy Act. You should relinquish your company directorship with immediate effect. You can apply for an approval to act as a company director or manage a business with restrictive entrepreneurial consideration.
You’re lost and worried because your employer might ask you to leave the company for good due to your bankruptcy. Many fleeting thought grip you like your age employability, long serving job at stake and family livelihood were dislocated all add up to your woe of being sole breadwinner in the family is nerve wrecking. It can be resolved not all but to certain degree if you adopt perseverance taking each single step a time thru’ MP representation and your problem will be appropriately addressed and undo your knotty problems. MPs are there to offer you a helping hand to give you a push in life and you’re on your way. You should give yourself a chance or rather the MP a chance to serve and be served.
The Official Assignee office will mail you a document kit with blue cover letter inform you to complete the 19 pages of Form 11 or Statement of Affairs to declare all your liabilities and bankruptcy estate affairs cover personal bio data, immediate family members including spouse and children particulars plus their individual economic well beings to extended liabilities like asset, property, business and very importantly the legal statement of your cause of bankruptcy namely unemployment, low income, ill health, liability as a guarantor, business failure, inability to collect book debts, overspending, gambling and speculation, criminal activity and others. The categorization or grouping has certain implication to earlier discharge from bankruptcy notwithstanding the 3 years discretionary discharge program. You’ve to declare a monthly contribution at least 30% of your monthly salary to the benefit of your creditors and increase the contribution as the Official Assignee deem appropriate. There’re unsecured debts that loan with no pledge of any kind or security namely credit card, line of credit facilities and the secured debt is relatively opposite with charged entity or within an agreement clause that allow such charge to be instituted like housing loan, etc. You’re advised to pay your outstanding preferential debts notwithstanding your bankruptcy that owing to the government firms. Your Housing Development Board flat is protected depending on the charge arrangement either the bank or CPF board. The 1st charge bank can foreclose the property and any shortfall is settle thru’ your CPF money. The statement must be well constructed to elaborate your cause of bankruptcy detailing the crux of your financial problem arising from its causes. A good written statement will render conducive leverage for an earlier discharge.
The Mass Debrief starts at 9.30AM lasted thru’ 5.30PM will be held for the insolvent persons and about 80 or more will be ushered to a hall and a queue number will be given the insolvent person will be called later on to submit 2 sets of the duly completed Form 11 plus other relevant documents like the pay slip, CPF statement, business printouts, etc. You can request for postponement if you find the briefing date is not suitable due to work commitment or other exceptional case and also the Form 11 for reasonable extension to submit. The video presentation gives a brief insight to the IPTO set-up, relate insolvent person duties and responsibilities which last about an hour or two and the case officer will verify the Form 11 and instruct you to sign on every scheduled page. Later you’ve to pay S$7 for filing of the Form 11. The cashier don’t accept cash payment only thru’ cash card or Nets. Then you’re asked to sign an order form to commence the monthly contribution towards your bankruptcy estate account. Insolvent person will be given a letter of authorization to open a new bank account so to monitor his/her banking activity. Applying travel permit is a must to go overseas. It takes 2 weeks processing time to consider of such approval. Insolvent person attempt to travel overseas without consent or approved permit from the Official Assignee will be severely punished with fines and jail term or both. Company matter and business assignment are good ground to accede such extended travel permit rated higher than leisure in the approving consideration or justified compassionate reason. Bankrupt will not be stopped at the immigration checkpoints as he/she is not a criminal or otherwise. Your life will be restricted for 3 years but it’s not fixed if your debts are above S$500,000 you’ll ended up more than 3 years in getting a discharge from bankruptcy! Of course you can seek for an earlier discharge soonest possible if you care to understand the various yet different modes of discharge, which is considered most applicable under the Act. The discretionary discharge for the insolvent person is subjected to higher authority review and scrutiny by the High Court thru’ recommendation of the Official Assignee office. A good track record plus supporting testimonials the likes of voluntary community works can gain leverage. The insolvent person needs to submit Income and Expenditure Statement quarterly or half yearly to establish his/her audit financial position as of adjudication order, his/her personal spending behavior and finance management. Admission to “Green Zones” an internal categorization of scheme as part of administrative perks to allow an insolvent person for a certain freedom travel movement outside Singapore with less rejection. “Red Zones” is more or less rigid and tighter in control supervision and administration. Insolvent person must prompt in his/her monthly contribution payment to qualify for the “Green Zones” and on top of good track record of compliance to the standing rules. You can make a written request to seek the Official Assignee assistance for discharge from bankruptcy under the voluntary arrangement i.e making an offer, which is subjected to further negotiation from the involved parties. There are other mode of discharge from bankruptcy namely under Section 95A - Annulment of bankruptcy order by certificate of Official Assignee where composition or scheme accepted by creditors, under Section 123 – Court’s power to annul bankruptcy order, under Section 123A – Annulment of bankruptcy order by certificate of Official Assignee where debts and expenses fully paid, under Section 124 – Discharge by court, under Section 125 – Discharge by certificate of Official Assignee, under Section 127 – Effect of discharge, under Section 128 – Discharged bankrupt to give assistance; as of the Bankruptcy Act 1995 (Chapter 20). Insolvent person with either reasonable qualification, specialization and skill plus considerable years of economic contribution/practical experience with entrepreneurial attributes are encourage and exploit the entrepreneurship with limited consensus within the amended Act so to be economic productive and benefit the state’s economy wholly.
In general perception being bankrupt does not go down well with the public eyes because of the obvious commercial stigmatisms. The defiled ill bankrupt always been treated as an infected disease that many would shun and disassociated. Then nowadays society would look upon slightest thing at superficial level and make uncalled judgments that besmirch the poor and innocent especially the bankrupt. We’re bankrupt of our thought because if our thought before bankrupt we would have advance a level of yearn emphatic understanding then the whole society would be more engaging-sympathetic all giving. Bankrupt committed a “monetary offence for money borrowed yesterday to use it for tomorrow and must pay today” that all it ended up not able to settle his/her debt Not that he/she does not want to pay but exceptional circumstances that he/she cannot accede to the creditor unreasonable yet unacceptable demand like a Wine on its own does not intoxicate; it is only when a person over-indulges in drinking that he/she becomes drunk and intoxicated. Likewise the beauty of women in itself does not mesmerize; it is only when a person begins to lust for such beautiful women that he becomes mesmerized and so lures them to commit sexual misconduct. It took a sinned mistake to have an immediate retribution. Many bankrupt are “virgin” whom are caught in the Act unknowingly and it is too late but Not late to make amend. The assurance and reward for the repent are bountiful; good fortune, longevity, peace and good health, virtue and a peaceful death. Bankrupt gone thru’ bankruptcy period tend to be wised-up if not wiser. The wisdom in itself is a dollar cent so bankrupt is Not a criminal in a sense worthiness.
There are many more interesting lines to tell as the space find inappropriateness due to insensitivity and cannot be expressed hence please email your inquest if any or commence to obkdebts@singnet.com.sg
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