A study and evaluation of the old and new bankruptcy acts.

Bankruptcy is a statute defined procedure allowing for the orderly repayment and release of debts. It is a situation which every person hopes to avoid. In the unfortunate event that a person is made bankrupt, bankruptcy brings forth many restrictions while carrying a social stigma. In Singapore, bankruptcy laws were previously governed by the old Bankruptcy Act for over a hundred years. A total revamp of bankruptcy law was enacted in July 1995 with the introduction of the new Bankruptcy Act. The new Act brought forth many changes in bankruptcy law that were viewed by many as long overdue. It was warmly received as the old Act was very outmoded and archaic when viewed in today’s context. This study aims to provide the reader with an insight into the salient features of the old and new Acts. We will introduce to the reader the shortcomings of the old Act and the rationale for the formulation of the new Act. We hope that after reviewing our report, the reader will be better able to comprehend the workings of the bankruptcy law in Singapore. ATTENTION: The Singapore Copyright Act applies to the use of this document. Nanyang Technological University LibraryACCOUNTANC