What a Bankrupt Cannot Do and Must Do in Singapore

A bankrupt must:

1. Allow the court-appointed trustee (who may be the Official Assignee or a private trustee) to manage property and finances. As such, the bankrupt must inform the trustee of all the properties he possesses, including insurance policies, tax records, and titles of deeds. He will be guilty of an offence if he attempts to conceal existence of properties or debts owed to him, or attempts to abscond with such property.
2. Aid the trustee in selling off his properties and distributing them to his creditors.
3. Keep the trustee informed of his place of residence.
4. Contribute part of his income to a bankruptcy estate, which will be used to pay off creditors.

A bankrupt cannot:

1. Be appointed as a trustee or personal representative in respect of any trust, estate or settlement, except with permission from the court.
2. Commence legal action against another person, except on the grounds of personal injury to himself, without permission from the trustee
3. Leave Singapore without permission from the trustee.
4. Obtain credits (i.e. borrow money) without informing the lender that he is a bankrupt.
5. Engage in business without informing all partners or clients that he is a bankrupt.
6. Worsen his insolvency via gambling or rash speculation.
7. Incurs further debt of which he knows he cannot pay.
8. Become an Member of Parliament, Judge, Magistrate or Justice of the Peace.
9. Become a director of a company.

For more information on the duties and disabilities of an undischarged bankrupt, and legal advice on other bankruptcy matters, please consult a bankruptcy lawyer.