Description

Abstract

When people are struggling to repay their personal debts, it is too often presumed that the only recourse they have is bankruptcy. In reality there is a rich array of options available, many of which are not adequately understood or utilised. It is important that consumers are aware of these different possibilities so that they can choose the one which is best suited for their individual financial situation. This presentation will analyse the different options available for over-indebted consumers in Singapore, including bankruptcy, private arrangements, voluntary arrangements, debt repayment schemes and credit counselling. It will discuss the benefits and detriments associated with the various schemes. Finally, the paper will conclude by discussing a range of potential reforms to further enhance the system in Singapore, ensuring that the benefits of bankruptcy alternatives are provided to as many people as possible. The presentation will also include time for audience discussion, so that attendees can provide their view on the challenges and opportunities posed by these issues and how it relates to the ongoing economic stability of Singapore and its citizens.

About the Speaker

Jodi Gardner is a Fellow of Law and College Lecturer at St John’s College, University of Cambridge. As well as her position as an Adjunct Senior Research Fellow at CBFL, Jodi has held visiting positions at Princeton University, Columbia Law School, Max Planck Centre for International and Comparative Private Law, the Centre on Household Assets and Savings Management (University of Birmingham) and Griffith University. She holds an LLB/BIntRels (Griffith), an LLM (Government and Commercial Law) (ANU), and BCL/MPhil, DPhil (Oxon).

Jodi’s research investigates policy development towards a fair and transparent lending environment, and suitable regulatory responses to irresponsible lending. She specifically focuses on the relationship with social policy and the private law relating to banking and finance. Jodi is currently working with CBFL on a year-long project looking at alternatives to bankruptcy in Singapore.