Journal Name: Singapore Journal of Legal Studies

Abstract:

Bankruptcy processes are an integral part of any financial system; they provide an escape path for people burdened by problem debt, whilst also allowing businesses some level of clarity on the recovery of sums unpaid. Bankruptcy does however have a number of significant and longterm consequences for the debtor, and creditors are unlikely to have their accounts repaid in full. There has therefore been an increasing focus on the development of bankruptcy alternatives-allowing individuals to be released from debts without the strict processes and consequences of formal bankruptcy, whilst also maximising the returns to creditors. In Singapore, a wide variety of bankruptcy alternatives have developed, and indebted individuals can now make an educated choice based on their personal situation. This article analyses the different bankruptcy alternatives in Singapore, highlighting the benefits and detriments of the processes available and outlining some potential reforms to provide a comprehensive and accessible regime.