Who can apply for bankruptcy? What are the debt and residency thresholds?

Any person (individual or firm) owing at least S$15,000 can be made bankrupt if unable to payio.mlaw.gov.sg. The debtor must also satisfy one of four connecting factors (e.g. domiciled, resident, carrying on business or holding property in Singapore) io.mlaw.gov.sg. (Temporary COVID law aside, the normal threshold is $15,000 io.mlaw.gov.sg.)

You must engage a licensed Insolvency Practitioner (IP) as your Private Trustee in Bankruptcy (PTIB), obtain their written consent, and pay a S$1,850 deposit to the Official Assignee io.mlaw.gov.sg. Then prepare and file the prescribed forms with the High Court: Form PIR-9 (Debtor’s Bankruptcy Application), PIR-10 (affidavit in support), PIR-11 (Statement of Affairs), and PIR-12 (affidavit verifying statement of affairs), along with the IP’s consent and licence copy io.mlaw.gov.sg. You file at the Supreme Court (via your lawyer or at the CrimsonLogic Service Bureau) io.mlaw.gov.sg. After filing, you must serve the stamped application on the Official Assignee (within 3 days) and notify the IP (within 7 days) io.mlaw.gov.sgio.mlaw.gov.sg.

A creditor must also appoint a licensed IP as PTIB and obtain their consent. The creditor must prove they are owed ≥$15,000 and that the debtor meets a jurisdictional test io.mlaw.gov.sg. The creditor pays the same $1,850 deposit io.mlaw.gov.sg. Required forms include PIR-3 (Creditor’s Bankruptcy Application), PIR-4 (affidavit in support), the statutory demand affidavit, plus the IP’s consent and licence copy io.mlaw.gov.sg. The creditor then files at the High Court and must personally serve the application on the debtor at least 7 days before the hearing io.mlaw.gov.sg.

Both debtor and creditor applicants pay S$1,850 to the Official Assignee io.mlaw.gov.sg. For creditors, the deposit may later be refunded from the bankruptcy estate (if there are enough assets) after deducting costs. (If a creditor withdraws or the application is dismissed, the OA retains S$50 and refunds $1,800 io.mlaw.gov.sg. Debtors generally cannot reclaim their deposit.)

All applications require official Ministry of Law (eService) forms: for debtors, PIR-9, PIR-10, PIR-11, PIR-12; for creditors, PIR-3, PIR-4 plus the statutory-demand affidavit. All affidavits must be sworn and forms typed. You must also include the licensed IP’s written consent to act as trustee and a copy of their licence io.mlaw.gov.sgio.mlaw.gov.sg. Supporting documents include proof of the deposit payment.

All bankruptcy applications are filed in the General Division of the High Court. Lawyers will file electronically; if unrepresented, individuals can file at the Supreme Court’s CrimsonLogic Service Bureau io.mlaw.gov.sg. The court will schedule a hearing date, which you must attend (or via lawyer).

An applicant may withdraw at any time before a bankruptcy order is made. If withdrawn or dismissed, the Official Assignee keeps $50 for costs and refunds $1,800 io.mlaw.gov.sg. (E.g. if you find an extra sum to pay off the debt before the hearing, you could ask the Court to adjourn or withdraw the petition.)

A creditor cannot apply for bankruptcy unless the debt is ≥$15,000 (currently). Between April–Oct 2020 the threshold was temporarily $60,000 due to COVID legislation io.mlaw.gov.sg. Today it is back to $15,000 per IRDA rules.

Practically, the court often allows debtors time to pay or enter negotiations. (Under court practice, if the creditor agrees, the hearing can be adjourned to allow a repayment plan or to withdraw the petition.)

The Insolvency Office provides detailed guides for debtor and creditor applications. See the Ministry of Law’s website for a Step-by-step Application Guide (including checklists) io.mlaw.gov.sgio.mlaw.gov.sg. The Register of Licensed IPs (for selecting a PTIB) is available online lripd.mlaw.gov.sg.