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Bankruptcy ● Look into rise in applications this year
The Straits Times
|December 24, 2024
As a licensed insolvency practitioner and one who acts as a private trustee for numerous bankruptcy matters, I would like to respond to Mr Raymond Lim's letter "Offer bankrupts dignity and real chances for recovery" (Dec 18).
There is no doubt that bankruptcy is a difficult journey as this will last between three and seven years for a first-time bankrupt.
Bankruptcy comes with many inconveniences, such as being allowed to have only one bank account, and having travel restrictions unless approval is obtained from the Official Assignee or the Private Trustee.
Given the existing financial difficulties, travelling overseas for leisure would be a privilege and not be taken for granted.
However, it is untrue that children of bankrupts cannot open bank accounts.
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