Foundations of bankruptcy in Singapore

petition for bankruptcy form

Bankruptcy is a big word, and some people fear it. But if one were to be familiar with its foundations, maybe it wouldn’t be that terrifying.

According to Investopedia, bankruptcy is a legal proceeding in which a debtor and a creditor resolve debts through the court system. The debtor has its debt resolved while the creditor obtains repayment based on the debtor’s available assets.

In Singapore, section 61 of the Bankruptcy Act states that debtors may be declared bankrupt when a debt has fallen due and is worth at least S$15,000.

For folks considering bankruptcy, here are the basics you should be aware of.

After declaring bankrupt

Once you are declared bankrupt, you gain exemption from your creditors’ legal actions intended to reclaim debt from you. A public servant called an Official Assignee (OA) would examine your financial capabilities and design a suitable repayment plan.

Think of it as your bankruptcy supervisor.

Your OA will ensure that you make monthly contributions on your road to being discharged. They will set up this monthly plan after evaluating your financial resources, income and credentials, household expenses, and the economy’s overall status.

Wave goodbye to your assets
car and private house

Image Credits: EdgeProp

During the bankruptcy proceedings, your OA will sell any assets you possess to pay off your creditors. This can include items from artworks to furniture and even sentimental gifts.

The OA will not sell off any “protected assets”, which include:

  • HDB flats if the owner is a Singaporean
  • Central Provident Fund (CPF) contributions
  • Life insurance policies if it benefits the bankrupt’s immediate family members
  • Compensation awarded legally due to personal injuries or wrongful acts against the bankrupt

While it may be tempting to hide or dispose of your possessions quietly, lying to your OA or evading the procedure on purpose can lead to fines of up to S$10,000 and/or up to 3 years in prison.

Not worth it, ladies and gentlemen.

Ready for restrictions on daily activities

Bankrupt persons in Singapore are subject to various duties and responsibilities. Gambling, travelling, seeking credit, or managing businesses while involved in bankruptcy proceedings can lead to monetary fines or jail time.

These restrictions exist to prevent bankrupts from exploiting corporate structures, concealing income, hiding assets, or generally cheating the system. However, the OA can ease or accommodate these restrictions.

Their willingness to do this is based on your level of cooperation. If you are engaged in the bankruptcy process and consistently settling your debts on time, the OA is more likely to view you as reliable and ease those limitations.

Especially so in the business realm, full cooperation, including the provision of requested documents promptly, is the single best strategy for getting those restraints lifted as soon as possible.

If you feel that the OA is not treating you fairly or is imposing ridiculous restrictions, the ideal course of action is to seek the court’s review. Simply ignoring the limits is likely to end with criminal charges against you.

Look forward to the discharge
bankruptcy documents in Singapore

Image Credits: The Straits Times

Bankruptcy is not forever. Eventually, your debts will be paid, and you will be discharged from them. However, a discharge is dependent on the fulfilment of specific conditions and approval from either the OA or the High Court. 

First-time bankrupts with debts of less than S$500,000 may be discharged after 3 to 7 years. For repeat offenders, it will take between five and nine years.

There is a well-known belief that a bankrupt is automatically released after three years, but this is not true. To speed up the process, cooperate fully with the OA and make sure you’re keeping up with your monthly repayment amount.

Bankrupts who have debts exceeding S$500,000 will need to apply to the High Court to seek an Order of Discharge. However, the courts will examine the interests of all involved parties before making a decision.

Noncompliance with the OA or any violation of behavioural restrictions will make the court reluctant to dismiss your bankruptcy.

Resume life after bankruptcy

Being discharged from bankruptcy is not necessarily a return to normal. At least not immediately. Depending on the circumstances of your bankruptcy, the courts may require you to entrust any new properties to the OA if debts remain after discharge.

Should the owed amount be repaid, bankruptcy can only be removed from your records after five years. If not, the bankruptcy status will remain in your public record permanently. Employers and creditors will have access to this information, so this should be a huge red flag for concern.

Final thoughts
Empty wallet

Image Credits: AsiaOne

Bankruptcy is not a walk in the park, but it is not the end of the world too. The Bankruptcy Act is designed to be fair to both debtors and creditors and focuses on providing rehabilitative measures to the bankrupt.

For the severely indebted, bankruptcy can provide a mechanism to help recover financial health and gain a second chance at life. Be sure to cooperate fully with the courts, and the OA and the law will likely give you more space to breathe.

Read More...

Worst Things To Purchase Online

As I was mindlessly scrolling through my Instagram feed, I saw an advertisement for a porcelain triple barrel hair waver. It was sold for less than S$10. Can you grasp how cheap it was? I was skeptical at first. I did not want to burn my hair for a hair tool that normally costs more than S$50. However, I took my chances and bought it online thru a popular retailer.

Online shopping sounds like a good idea, until the item you purchased disappoints you. In my case, it was the hair waver. I did not get the “beautiful beach waves” that I dreamed of. Instead, the hair waver barely worked. I did not want to trouble myself further by placing a return. I used it once and never touched it again!

I know that I am not the only one. Online shopping is a tricky platform. Nonetheless, there are some items that are best purchased in store. This way, you will be able to judge its quality up-close and ensure its perfect fit. Moreover, you will be avoiding expensive shipping fees and will be given the chance to negotiate the price.

Apart from hair tools, here are some of the items that you must consider buying in the physical store.

1. WEDDING GOWNS

While online shopping is always tricky and risky, buying a wedding dress online is one of the biggest gambles you may enter. Despite being a once-in-a-lifetime piece of clothing, many brides go to the Internet to search for tempting discounts on wedding gowns. Some of these gowns were designed to look like the latest bridal collections of renowned designers such as Vera Wang and Monique Lhuillier.

In most cases, your dream dress can turn into an unrecognizable garment on your doorstep. Imagine ordering a white dress and ending up with a lime green dress after several weeks. Dresses may come in different colors, poor materials, and crooked hemlines. If a deal is too good to be true, it probably is!

2. PANTS

Articles of clothing may not always come as it was advertised. Colors may appear different due to the studio lighting and sizing may vary from brand to brand. Thankfully, most of us have skipped wearing jeans due to the current work-from-home setup. Some of you may regret buying jeans online, because you never had a chance to wear them. While others may have purchased the wrong size.

If you are attending to your professional duties at home, it is better to invest on a comfortable pair of jogging pants or leggings. Who needs to wear a tailored pants during a Zoom call anyway?

3. BICYCLE

Health is wealth! As the world puts a spotlight on the importance of regular exercise, you may embrace the benefits of cycling. The Internet is a great place to research on bicycles and its accessories. You can read all about bike geometry and carbon fiber frames, but the information found here can be limited. It is important to purchase a bicycle that is tailored to your measurements. You can feel the specifications of a bicycle by visiting the nearest bike shop. Most cyclists do test-rides before purchasing their newest bicycle. You may do the same.

Moreover, it can be a hassle to get repairs done under the warranty on a bicycle that you ordered online. Save yourself the stress of packing it up and shipping it to the seller. With a locally purchased bicycle, you can just take it to the nearest bike shop and have it fixed.

4. CHILDREN’S SHOES

It is no secret that children grow up fast. Their feet are no exception! My mother used to draw our foot on a piece of paper and take it on a store when she bought shoes. Nowadays, you can simply order shoes with a few taps on a screen. Although you know your child’s current measurements, sizing varies among brands. If you child is size 3 on brand A, she may be size 4 on another.

It takes more time and effort to purchase several pairs of shoes in a store, but you will be able to purchase the right ones. Remember that some retailers do not offer free returns.

5. MUSICAL INSTRUMENTS

Last year, I studied how to play the Kalimba or thumb piano. I still have it with me and play its soft tunes whenever I can. I opted to purchase online as I was a beginner and I am not a professional musician. It provided a great start in discovering my musical prowess.

For professional musicians and Music students, it is a different story. These people need higher-end equipment, especially for fragile instruments such as violins and cellos. You should purchase these items in person rather than on the Web. It is important to play the instrument in person to ensure that you are getting a good value for your buck.

6. SWIMWEAR

For some people, shopping for a new swimsuit or bathing suit can be a daunting task. As such, you may opt to hide behind your computer screen and order online. The only downside of doing this is that fit can fluctuate among suits from the same brand. It is better to not take your chances with fit!

Furthermore, you may not be able to return a small swimsuit if the packaging has been opened or if there is evidence that the suit has been worn. The same restrictions can apply to other intimate apparel such as bras, purchased online.

7. MATTRESS

My uncle always highlights the importance of buying a good mattress. He works tirelessly everyday and dreams of getting home to a comfortable bed. We spend a third of our lives on the bed. This is the primary reason why you should invest on a mattress that you can use for several years. According to the Better Sleep Council, a mattress should last up to seven years.

Image Credits: unsplash.com

It is challenging to commit to a mattress that you merely saw online. A reviewer may sleep on his back and you may be a side sleeper. Your online reviews on the same mattress may be polarizing since we all sleep differently. It best to feel the material of the mattress face-to-face. Who knows? You can score a better deal during store promotions and seasonal sales!

Sources: 1, 2, & 3

Read More...

Highly raved biotin shampoos under S$13 to try for hair growth

a woman looking at her hair loss on a comb

Growing your hair out can feel like a real challenge. It seems like strands are constantly shedding or snapping in the process of daily hair routines, especially in showers or when you’re tackling tangles.

Do you know that biotin has been a popular solution to hair growth woes for many years? The vitamin strengthens hair follicles, providing them with the support they need to grow and stay healthy.

For those looking for a way to support your hair’s regrowth and quality, these biotin shampoos may be a great solution.

#1: Rainbow Research, Henna & Biotin Herbal Shampoo (360ml)

Rainbow Research, Henna & Biotin Herbal Shampoo, 12 fl oz (360 ml)

Price: S$8+

Rainbow Research’s Henna & Biotin Herbal Shampoo brings out the best biotin qualities to create a strengthening and nourishing product that features henna for additional benefits.

Designed for normal or colour treated hair, the natural colourless henna extract does not leave any stains behind. The pH-balanced and gluten-free product can strengthen the hair shaft and add body and shine to it.

It’s an item that’s completely gentle with no animal testing done. Purchase this shampoo if you want a perfect formula to get your healthy hair growth back on track.

#2: Mill Creek Botanicals, Biotin Therapy Formula Shampoo (414ml)

Mill Creek Botanicals, Biotin Shampoo, Therapy Formula, 14 fl oz (414 ml)

Price: S$9.90+

This invigorating biotin therapy formula is packed with botanical goodness for a vegan-free approach to biotin benefits.

The product adds vital B vitamins to your hair growth routine alongside a dose of peppermint oil that refreshes and sustains your hair from the inside out.

Designed to strengthen your hair, Mill Creek Botanicals’ Biotin Therapy Formula Shampoo works to bring your hair to new heights.

#3: Aubrey Organics, Men’s Stock, Ginseng Biotin Shampoo (237ml)

Aubrey Organics, Men's Stock, Shampoo, Ginseng Biotin , 8 fl oz (237 ml)

Price: S$9.90+

As the name suggests, Aubrey Organics’ Ginseng Biotin Shampoo is only for gentlemen. This natural biotin shampoo is vegetarian-friendly and biodegradable, prioritising sustainability and all-natural ingredients over chemical-infused ones.

The formula will contribute to clean, shiny, soft, and easy-to-style hair. It’s also an effective treatment for thinning hair, leaving your scalp in excellent condition as it works to support thick hair regrowth.

#4: Mild By Nature, Thickening B-Complex & Biotin Shampoo (473ml)

Mild By Nature, Thickening B-Complex + Biotin Shampoo by Madre Labs, No Sulfates, Citrus Squeeze, 16 fl oz (473 ml)

Price: S$11+

This mild product is ranked in the top spots on iHerb’s shampoo category.

Designed to feature B-Complex, biotin, and panthenol, this gentle pH-balanced formula boasts cruelty-free and vitamin-supported hydration that promotes thicker, fuller, and healthier hair.

It is also formulated without sulfates, parabens, or phthalates to give you peace of mind. Instead, Mild By Nature’s Thickening B-Complex & Biotin Shampoo comes with all the good stuff your hair needs to thrive – quinoa, flax proteins, and loquat leaf extract.

#5: Jason Natural, Biotin & Hyaluronic Acid Shampoo (473ml)

Jason Natural, Thicken & Restore Biotin + Hyaluronic Acid Shampoo, 16 fl oz (473 ml)

Price: S$11+

Jason Natural’s creations have been around for over 50 years, and the brand continues to renew and infuse all hair types with energy and life.

Its Biotin & Hyaluronic Acid Shampoo makes your hair two times thicker and fuller in volume while avoiding breakage. It also works to repair split ends.

Together with pro-vitamin B5 and hyaluronic acid, we’re not exaggerating the restorative properties of this shampoo. Try it to know the effects!

#6: Avalon Organics, Biotin B-Complex Thickening Shampoo (414ml)

Avalon Organics, Thickening Shampoo, Biotin B-Complex, Therapy, 14 fl oz (414 ml)

Price: S$12.70+

Are you searching high and low for a rich, lathering shampoo that is vegan, biodegradable, and fully equipped with the right blend of biotin for your hair? Look no further.

Avalon Organics’ Biotin B-Complex Thickening Shampoo supports you in regrowing energised hair that’s strong and resilient against Singapore’s unpredictable weather conditions.

Use this product to achieve thick and rich hair follicles with Biotin B-complex, quinoa protein, and vitamin E.

Final thoughts

A biotin shampoo is a great resource to add to your haircare toolkit.

Those mentioned in this article can provide the hydration your hair needs to look its best no matter the weather condition. From strengthening natural properties to reliable vitamin infusions, you can trust the ones above to transform your hair growth routine.

Read More...

IATA says we might be able to travel leisurely after May or June 2021

SIA stewardess with a passenger

Are you hungry to travel? I sure am.

We’ve kept to several COVID-19 safety measures for about a year now, and it’s also officially been a year since the World Health Organization (WHO) declared the virus outbreak a pandemic.

Singapore, alongside other countries, has fought hard to keep the numbers down, and we’re thankful that vaccine supplies are sufficient in our little red dot at the moment.

Furthermore, there’s good news from the International Air Transport Association (IATA) recently.

Return of personal travel

According to Alexandre de Juniac, the IATA director, in an interview with The Straits Times, leisure travel will return from mid-2021 as borders reopen to people looking to hop on a plane to a destination.

“We will likely start seeing a change in the air travel landscape after May or June this year,” Mr de Juniac said. “We at IATA are already working with states to design and plan protocols and road maps for the reopening of borders.”

Though the volume of travel by the end of 2021 will not be on par with pre-pandemic levels (which makes perfect sense), isn’t it fantastic news for peeps who are looking forward to meeting their friends and families living abroad?

IATA’s Travel Pass
iata-digital-travel-pass

Image Credits: NFCW

But we won’t be able to make our dreams come true without key protocols in place.

One of them is the IATA Travel Pass. It is a mobile health verification app that electronically stores information on passengers’ health and virus tests or vaccines status. This is essential as we take steps to revive travel.

In fact, Singapore Airlines will be the first carrier to test out the full deployment of the IATA Travel Pass. Passengers heading to London with a phone operating on iOS later this month will have the chance to partake in the trial.

Travellers will be able to use the app to:

  • Submit flight information
  • Book a COVID-19 test at participating clinics in Singapore
  • View the test results directly and allow check-in staff at Changi Airport to verify their status accordingly

“Our partnership with Singapore Airlines for the first full deployment of the IATA Travel Pass will help get the world flying again,” said Mr Nick Careen from the industry body.

Leisure vs Business

Some of you might be wondering if business travel will take priority over leisure ones. But Mr de Juniac foresees that personal travel will come back more quickly than business travel.

He shares that leisure journeys will definitely bounce back, but business travel will take up to 18 months to recover.

Since more companies have hopped onto digitalisation technologies over the pandemic period to adapt to changing times, there is indeed a lesser need for in-person work meetings.

What’s next?

For those eyeing travel-related news, look out for the International Civil Aviation Organisation (Icao)’s latest protocols on health and safety guidelines. It should be out by April 2021.

Also, based on Mr de Juniac’s prediction of Asia-Pacific emerging as the most robust region for global air traffic recovery, that’s enough to bring a smile to the faces of travel-deprived folks.

Watch the news report here:

Read More...

Get a free POSB Smart Buddy Watch with Limited-Edition Strap when you open My Account for your kids

Kids Online Account Opening Promotion

Saving is a habit that takes time to build. It’s never too early to start teaching your child the importance of saving and spending wisely. With My Account, you can keep track of how much you save and add features to meet your growing needs.

Start by opening a My Account for your child and receive a POSB Smart Buddy Watch with a Limited-Edition Strap (Worth S$45) to keep track of their daily spending.

Reward:

Receive a POSB Smart Buddy Watch with a Limited-Edition Strap (worth up to S$45)* when you deposit and maintain average daily of S$1,500 for a 6-month period.

*Limited to first 600 redemptions only, while stocks last.

How to be rewarded:

Promotion period is from 2 March 2021 to 30 June 2021.

Please refer to the Terms & Conditions and Frequently Asked Questions for more details.

My Account for your child

For existing POSB/DBS account holders, you can apply for a joint alternate My Account with your child online1.

1Applicable to children below 16 years old, and do not own an existing joint alternate My Account

Apply now

Please prepare the following required documents prior to your application.

About POSB Smart Buddy

POSB Smart Buddy is the world’s first in-school savings and payments wearables on your child’s wrist. It lets your child tap to pay in school and at selected merchants, check on balances, and track fitness levels.

As a parent, enjoy greater convenience in managing your child’s finances and encourage smart living and saving habits – all with an accompanying mobile app.

Find out more

Read More...