Top Bankruptcy Law Service Providers in Singapore

Check out this steps on how to file for bankruptcy and the top Bankruptcy law service providers in Singapore.
Top Bankruptcy Law Service Providers in Singapore

Filing for Bankruptcy in Singapore:

Any debtor may voluntarily file for bankruptcy within Singapore supposing they have borrowed and cannot return debts of a minimal S$15,000.

Also, the debtor’s debt creditors may additionally file to render the debtor bankrupt in case they think that the debtor cannot repay the existing debts borrowed from them.

Supposing the debtor gets declared bankrupt, their assets are subsequently sold, and total proceeds placed within a bankruptcy estate.

This excludes individual assets which remain protected, kept from bankruptcy, like HDB flats.

Reasons to File for Bankruptcy:

Simple answer is – one need file for bankruptcy when:

You have a limited capacity to repay owed debts over in full; also,

It stretches beyond your means to arrange other independent solutions over with creditors, for returning debt payments.

With certain situations, bankruptcy could seem the better choice because:

1. Your debt ceases growing

Upon the submission of the Bankruptcy Order (the order issued over by High Court declaring your status as formally bankrupt), the creditor must cease charging interest over the principal sum owed.

Hence, the debt gets “frozen” at a fixed sum.

2. Your Monthly Repayments grow smaller

Historically, your creditors could have persistently chased after you for monthly repayments which extended far beyond your financial means.

Suppose you get formally declared bankrupt, the OA then determines an appropriate sum of monthly payments that you then must submit regularly upon calculating approximate sums you need for self and family.

3. Creditors prohibited from suing for debts

Creditors get barred from starting legal proceedings against you for recovering debts incurred before bankruptcy, upon the submission of the Bankruptcy Order.

AW Law Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

A.W. Law

Specialty They have rich experience dealing with:

Enforcement proceedings such as Creditor’s bankruptcy application

Debtor’s bankruptcy application

Various bankruptcy related applications such as setting aside of statutory demands.

Negotiating with creditors when you are facing bankruptcy proceedings.

Clients retained them over the years, a testament to the lasting trust earned, built.

Services: Bankruptcy application, bankruptcy related applications, bankruptcy proceedings, Negotiating with creditors, bankruptcy lawyers

Pricing Request a quotation: [email protected]
Website https://lawyer.awlaw.com.sg/
Address 133 New Bridge Rd, #12-07 Chinatown Point, Singapore 059413
Telephone +65-6733 0021
Opening hours 9 am to 10 pm

 


RBN Chambers Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

RBN Chambers LLC

Specialty They understand that the prospect of bankruptcy can be extremely stressful and daunting. At RBN Chambers, you can rely on their bankruptcy lawyers to provide you with practical and affordable advice and representation. They will advise you on your legal position, enable you to make informed decisions, apply, defer bankruptcy.

Services: Bankruptcy application, arrangement with creditors, Bankruptcy Order, bankruptcy lawyers, affordable advice, and representation

Pricing Request a quotation: [email protected]
Website https://www.rbn-chambers.com.sg/
Address 20 Cecil St, #04-02 PLUS, Singapore 049705
Telephone +65-6532 2236
Opening hours 9 am to 6 pm

 


Clifford Law Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Clifford Law

Specialty They regularly act for corporate clients such as financial institutions and other lenders and creditors. For personal clients, they assist in recovering debts, negotiating for time to settle debts, providing advice on how to reduce, restructure debts to avoid bankruptcy. For corporate clients, they provide advice to restructure a business.

Services: Recovering debts, negotiating for time, restructure debts, bankruptcy lawyers, business restructuring

Pricing Request a quotation: [email protected]
Website https://www.cliffordlaw.sg/
Address 1 Coleman Street, The Adelphi #08-04, Singapore 179803
Telephone +65 6223 4456
Opening hours 9 am to 6 pm
Review 1 Great firm. And Vivienne is a good lawyer. Recommended.
Review 2 Very professional 👏

 


Advance Law Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Advance Law LLC

Specialty Advance Law LLC was incorporated since 2013. They pride themselves on meeting their client’s needs and giving advice that they can trust. Advance Law LLC now specializes in various areas of practice such as Conveyancing, Personal Injury, Family, Probate, Criminal and Estate Planning etc., offering legal services at affordable prices.

Services: Conveyancing, Personal Injury, Family, Probate, Criminal and Estate Planning, Bankruptcy lawyers

Pricing Request a quotation: [email protected]
Website https://www.advlawllc.com/
Address 430 Lorong 6 Toa Payoh, OrangeTee Building #11-01 Singapore 319402
Telephone +65 69298163
Opening hours 9 am to 6 pm
Review 1 My experienced with Advanced Law LLC was absolutely superb!

Reason as their utmost adequate professionalism in handling my case with a snap, staffs were very helpful too. Requirements were met and fulfilled!

Would highly recommend anyone who needs legal representation/advises.

Review 2 i would highly recommend Advance Law LLC to anyone who needs legal representation.

Everyone at Advance Law LLC is extremely knowledgeable, professional & reliable.

Mr Razeen & team help me in a few separate matter and managed to conclude all issues in a fast and cost-effective way. I trusted them to protect my business and they exceeded all of my expectations.

i am pleased with the result and highly recommend Advance Law LLC

Review 3 Advance Law just handled a really tough and complicated case for my buyer for the purchase of a resale private property. The whole deal involved foreigner seller who is currently oversea and a very tough to deal with seller lawyer. There were many obstacles and hurdles along the way, but thankful for Ms Sim and Max, they managed to overcome them for my buyer even if it meant discussion at late night and churning out docs after working hours. Grateful for the great work here and definitely will continue to recommend my clients to engage Advance for any property related work!

 


Norton Rose Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Norton Rose Fulbright

Specialty Their global bankruptcy, financial restructuring and insolvency lawyers are at the forefront of many of the most significant cross-border restructuring and insolvency cases involving complex multi-jurisdictional issues and regional insolvency laws. With more than 50 offices in over 30 countries, our multilingual and proficient lawyers are experienced to address issues.

Services: Private equity, distressed debt funds, public and private corporations, debtors, liquidators

Pricing Request a quotation: jonathan.​[email protected]
Website https://www.nortonrosefulbright.com/en-sg
Address 9 Straits View Marina One West Tower, #09-09, 018937
Telephone +65-6223 7311
Opening hours 9 am to 6 pm

 


Emerald Law Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Emerald Law

Specialty They provide a wide range of legal solutions spanning across an extensive practice of law including commercial litigation, corporate law, family law, Syariah law, criminal law, intellectual property law, amongst others. They pride themselves on providing high caliber work and finding the best possible legal solutions for their contracted clients.

Services: Bankruptcy lawyer, bankruptcy application, file for bankruptcy, Annulment or Discharge from bankruptcy, commercial litigation

Pricing Request a quotation: [email protected]
Website https://emeraldlaw.com.sg/
Address 3 Shenton Way, #11-10, Shenton House, Singapore 068805
Telephone +65 6226 0439
Opening hours 9 am to 10 pm
Review 1 My lawyer Ms. Sharifah has been great and handle my case amazingly. I will definitely recommend her to anybody. Thank you so much!
Review 2 So far so good…quite impressive w Russel on his knowledge of Syariah Law and the way he explains…Ridhuan is the type of lawyer that I want my sibling to be represented…Fana is outspoken and i like that…now time to work n see if they does excel…pricing is reasonable n installment plans available…worth the last minute arrangement…best of wishes and hopeful for a just outcome….
Review 3 To Mr Rizuan and Team, Overall smooth work, I am very satisfied

 


Lions Chamber Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Lion Chambers LLC

Specialty A New Breed of Lawyers. Their Past Experiences Set Them Apart. Their wealth of experience does not just come from school or book. They bring their own personal experiences into solving problems. It is about providing precision when it matters most. Clients trust them to solve problems, protect their interests.

Services: Bankruptcy proceedings, bankruptcy legal proceedings, Winding Up proceedings, insolvency legal proceedings, Letter of Demand

Pricing Request a quotation: [email protected]
Website https://lionschambers.com.sg/
Address 320 Serangoon Rd, #11-13 Centrium Square, Singapore 218108
Telephone +65- 8777 3677
Opening hours 9 am to 10 pm
Review 1 The lawyer got back to me regarding my matter very quickly even though i sent a message after working hours. Appreciate that. It helps when i needed legal advice urgently and Raj from Lions Chambers was able to quickly arrange for a consultation the next day. Would def recommend Lions Chambers for your legal needs.
Review 2 Second time going to Raj from Lions Chambers on my matter. He provided very clear options I can take and is knowledgeable in terms of the implications for each option. He made it easy to understand how the legal process works in layman’s term, which makes the process very fuss free and to the point.
Review 3 Raj was very professional and listened patiently to my problem. He did not pressure me into engaging his service and still advised me on how I could solve my problem. I would definitely recommend that you should speak to Raj.

 


IRB Law Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

IRB Law

Specialty I.R.B Law LLP was founded with a vision to build a law firm that delivers effective and efficient legal services to everyone, from the man on the street to large corporations. IRB Law now has over 50 employees, allowing them to maintain a highly personalized level of service, affordably charging.

Services: Family Law, Syariah Law, Estate planning, Bankruptcy, Litigation

Pricing Request a quotation: [email protected]
Website https://irblaw.com.sg/
Address 20 Collyer Quay, #17-05, Singapore 049319
Telephone +65 6298 2537
Opening hours 9.30 am to 6 pm
Review 1 Victoria Lee from I.R.B Law has been extremely helpful, reliable and effective in assisting me with my business legality documents. She has provided me with immense confidence and support in moving forward with my business with her experienced knowledge and dedication to help.

All of my business issues were resolved beyond my expectations and she stayed up past midnight just to help me rush my matter with a US service provider.

I’m extremely grateful to have met her and gotten her support with my case. Thank you so much for your help Victoria, I truly appreciate it! 👏🏼👏🏼

Will definitely recommend her to anyone looking for help!

Review 2 I would like to thank Ms Ameera and her team for handling my case. Ms Ameera is always calm as well as encouraging and assuring which are the attributes needed in a lawyer in my opinion esp in divorce cases. She is professional and gives good advices too. Thanks again for going through this with me.
Review 3 I’m very happy with IRB’s service. The staff are incredibly polite, they also do everything with a calm mind. When I requested for some changes to be made in the drafts during my actual signing with the Commissioner, they did not hesitate to help me, they also quickly made all the revisions without any hitch and made sure that I will no longer go back on a different day for the signing.

 


Harry Elias Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Harry Elias Partnership

Specialty Their team of insolvency lawyers in Singapore regularly advises liquidators, judicial managers, receivers and managers, creditors, companies, and shareholders on restructuring exercises both in court and in private negotiations. They also advise on corporate insolvency matters such as contesting winding up applications, attending creditors’ meetings, disclaiming onerous properties / agreements.

Services: Corporate insolvency, insolvency lawyers, restructuring exercises, contesting winding up applications, attending creditors’ meetings, taxation for liquidation expense

Pricing Request a quotation: [email protected]
Website https://www.harryelias.com/
Address 4 Shenton Way, SGX Centre 2, #17-01, Singapore 068807
Telephone +65 6535 0550
Opening hours 9 am to 6 pm
Review 1 The people I dealt with were professional and extremely helpful. Thank you so much for all your advice and help. I would definitely recommend Harry Elias to anyone who has any issues.
Review 2 As 1 of the top law firms in Singapore, Harry Elias definitely live up to their name. Thank you for your professional advice. Would highly recommend!
Review 3 Super professional and friendly lawyers helped me out. I am so thankful to have engaged you guys. Highly recommended!

 


Ramdas & Wong Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Ramdas and Wong

Specialty Ramdas & Wong is a local law firm established since 1974 by founding partners Mr David Wong Chin Huat and Mr Shunmugam Ramdas. From humble beginnings at a small office place at International Plaza, Ramdas & Wong has grown from strength to strength over the past 42 years, servicing clients.

Services: Insolvency law, insolvency practitioners, creditors, liquidators, receivers, judicial managers, bankruptcy, winding up matters

Pricing Request a quotation: [email protected]
Website https://www.ramdwong.com.sg/
Address 6 Raffles Quay, #10-06, Singapore 048580
Telephone +65-6236 9229
Opening hours 9 am to 6 pm
Review  The reception staff is always welcoming and polite. We had several conveyancing work done by Josephine and she is professional, prompt and organised vs a previous law firm which we used. Most of the time, she goes the extra mile and builds good relationship with whomever we refer to. It is a delight to engage her service.

 


Dentons Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Dentons & Rodyk

Specialty Rely on their Restructuring, Insolvency and Bankruptcy practice’s extensive experience and benefit from a team of practitioners who can act quickly and decisively to achieve the best legal and commercial solutions for creditors (banks and corporate lenders), insolvent companies, insolvency practitioners and professionals, administrators, managers, liquidators, managing financial crisis, default.

Services: Restructuring, Insolvency, Bankruptcy insolvent companies, insolvency practitioners

Pricing Request a quotation: [email protected]
Website https://dentons.rodyk.com/
Address 80 Raffles Place, #33-00 UOB Plaza 1, 048624
Telephone +65 6225 2626
Opening hours 8.45am to 5.45pm
Review 1 Best shipping law firm in South East Asia…
Review 2 A law firm that provides a whole suite of legal services, with professionals who are service-oriented and eager to assist in solving legal issues.
Review 2 Well appointed office

 


Rajah & Tann Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Rajah & Tann

Specialty Their restructuring and insolvency practice is one of the largest in Singapore and Southeast Asia dealing with banking and financing disputes, corporate insolvencies and rescues, business advisory, workouts and debt restructurings, and enforcement of creditors’ rights. They have been involved in prominent restructuring and insolvency cases in Singapore’s corporate history.

Services: Banking, Insolvency, restructuring and insolvency, corporate finance, Acquisitions

Pricing Request a quotation: [email protected]
Website https://sg.rajahtannasia.com/
Address 9 Straits View #06-07 Marina One West Tower, 018937
Telephone +65 6535 3600
Opening hours 9 am to 6pm
Review 1 Nice place. Lawyer was patient to listen and explain in details.
Review 2 Don’t get mislead by the Rajah&Tann sign at the concierge on Level 3. the reception is for Netflix. the actual person to speak to is the building customer services lady seated on the left
Review 3 Great!

 


PD Legal Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

PDLegal

Specialty PDLegal LLC offers a sophisticated legal practice characterized by exceptional legal services, delivered cost effectively. With industry recognized expertise, they deliver advocacy and advisory services to their discerning clientele, based both in Singapore and overseas, on a wide spectrum of matters. By forging strong relationships, delivering results, serving clients well.

Services: Insolvency & Restructuring Lawyers, insolvency regime tools, receiverships, judicial management, schemes of arrangements, insolvency practice

Pricing Request a quotation: [email protected]
Website http://www.pdlegal.com.sg/
Address 1 Coleman Street #08-02 The Adelphi Singapore 179803
Telephone (+65) 6220 0325
Opening hours 9 am to 6 pm
Review 1 Peter and his team are extremely professional and receptive at all times. Self am utilizing in a commercial matter and to be honest, they have ticked all boxes as far as customer satisfaction is concerned!
Review 2 Professional service and fair pricing. Fast and effective services, thank you PDLegal team.
Review 3 Profesional,,assertive, knowledgeable, responsive, and educational. All  that you want to have in a lawfirm.

 


Kalco Law Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Kalco Law LLC

Specialty They have successfully helped distressed companies and individuals on the brink of bankruptcy negotiate and restructure debts with their creditors to stay afloat. Let them assess your financial situation and advise you on how to manage your creditors and turn your situation around. They represented creditors in recovering debts owed.

Services: Corporate Restructuring, Insolvency, Personal Bankruptcy, negotiate, restructure debts, represent creditors

Pricing Request a quotation: [email protected]
Website http://www.kalco.com.sg/
Address 101A Upper Cross Street, #12-17 People’s Park Centre, Singapore, 058358
Telephone +65-6533 4833
Opening hours 9 am to 6 pm
Review 1 Good experience so far! Fast replies and very professional all the times.
Review 2 They have a wide range of legal services to cater for your need and their lawyer are all very friendly and helpful and professional.
Review 3 Very reliable lawyers. Always doing their best for you and giving useful and helpful advice. Definitely the Law Firm you will want to have your back. Really thankful for the people there. Awesome service as well! Trustworthy and definitely helpful.

 


Allen & Gledhill Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Allen & Gledhill

Specialty Their specialist Restructuring & Insolvency Practice based in Singapore is at the nexus of some of the world’s most complex cross-border insolvencies and restructurings. With a long history of specializing in large-scale multi-jurisdictional work, their team is highly regarded and widely recognized as one of leading practices in this area.

Services: Debt restructuring, insolvency, complex cross-border insolvencies, restructurings, Banking and Finance, Mergers & Acquisitions

Pricing Request a quotation: [email protected]
Website https://www.allenandgledhill.com/
Address One Marina Boulevard #28-00 Singapore 018989
Telephone +65 6890 7188
Opening hours 9 am to 6 pm
Review 1 fancy law firm in sg
good location
Review 2 Superb

 


Providence Law Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Providence Law

Specialty Their team is experienced in dealing with various corporate insolvency, personal bankruptcy, and business restructuring situations. In addition to representing both creditors (enforcement of security and court representation), debtors (court applications for moratoriums, schemes of arrangement, advising and representing management), they also regularly act for and advise insolvency professionals, liquidators.

Services: Corporate insolvency, personal bankruptcy, business restructuring situations, court applications for moratoriums, schemes of arrangement, liquidators

Pricing Request a quotation: [email protected]
Website https://www.providencelawasia.com/
Address 20 Collyer Quay #21-02 Singapore 049319
Telephone +65 6438 1969
Opening hours 9 am to 6 pm

 


Black Oak Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Black Oak LLC

Specialty They are no strangers to the scene. As a dedicated distress situations practice, they act on all sides of the process, representing a gamut of stakeholders including insolvency professionals, debtors, creditors, funds, and white knights. They work closely alongside industry professionals to provide business-driven, context-specific legal solutions in commercial situations.

Services: Corporate restructuring, insolvency, companies, creditors, financial institutions, banks, insolvency professionals

Pricing Request a quotation: [email protected]
Website http://www.blackoak-llc.com/
Address One George Street #12-01/02 Singapore 049145
Telephone (+65) 6521 6750
Opening hours 9 am to 5.30 pm

 


Darshan Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Darshan & Teo LLC

Specialty They are a full-service boutique law firm that caters to clients from all walks of life. Client care and satisfaction, personalized service and integrity are amongst our fundamental values and form the basis of our corporate ethos. Darshan & Teo LLP boasts clientele ranging from public listed entities to individuals.

Services: Insolvency, Restructuring, debt restructuring, non-contentious, contentious legal services, Commercial Litigation

Pricing Request a quotation: [email protected]
Website https://www.darshan.com.sg/
Address 1 North Bridge Road #17-06 High Street Centre Singapore 179094
Telephone + 65 6334 1822
Opening hours 9 am to 7 pm
Review 1 Great job mostly you save Punjabi Races
Review 2 Great job

 


Wong Partnership Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

WongPartnership

Specialty Their Restructuring & Insolvency Practice focuses on value preservation and creation for financially challenged companies, creditors, and investors in both contentious and non-contentious situations. The team combines extensive litigation experience and in-depth knowledge of the market to structure transactions and reorganization plans together with their Special Situations Advisory Practice, restructuring.

Services: Restructuring & Insolvency Practice, value preservation, creation, financially challenged companies, creditors, investors, contentious, non-contentious situations

Pricing Request a quotation: [email protected]
Website https://www.wongpartnership.com/
Address 12 Marina Boulevard, Tower 3, Marina Bay Financial Centre, 018982
Telephone +65 6416 8000
Opening hours 9 am to 6 pm
Review  律师事务所的服务一级棒

(Translated by Google)
Law firm’s service level

 


Bird & Bird Top Bankruptcy Law Service Providers in Singapore

Bankruptcy Lawyers

Bird & Bird

Specialty Every business can experience financial difficulty whether it be due to changing economic conditions, unforeseen events, simple misjudgment, or even major mismanagement. Whatever your situation, there may be tough choices to be made and legal hurdles to overcome. Their international Restructuring and Insolvency Group is skilled at finding debt solutions.

Services: Restructuring and Insolvency, licensed insolvency practitioners, banks, lenders, debtor companies, restructuring initiatives

Pricing Request a quotation: [email protected]
Website https://www.twobirds.com/
Address 2 Shenton Way, Singapore 068804
Email +65-65345266
Opening hours 9 am to 6 pm
Review 1 Excellent work and great service by the team at Bird&Bird Singapore. Special mention to Ms Ow Kim Kit, Mr Yap Teck Chai and Ms Lin Lijun. They were professional and knowledgeable in their area of expertise. Highly recommended.
Review 2 Lovely office.

Should one file for Bankruptcy personally or hold on till a creditor files bankruptcy?

It could prove prudent for one to self-declare bankruptcy personally rather than wait for the creditor to sue you.

Reasons are simply because the longer you delay filing bankruptcy, the interest charged over debts might gradually snowball over the delay.

Prerequisites for Filing for Bankruptcy

The creditor (alternatively the debtor independently) may file to get the debtor declared bankrupt suppose the debtor comes under 1 of the circumstances below:

Remains domiciled within Singapore.

Owns property within Singapore.

Remains an ordinary resident within Singapore over a minimum of 1 year.

Retains, holds an accommodation located within Singapore for over a minimum of 1 year.

Has conducted business operations within Singapore over a minimum of 1 year.

The debtor must owe a minimum of $15,000, conditions are that the debt is due immediately or owed to creditors in Singapore, but the debtor is not financially able to repay the debt.

In the case of a creditor that submitted the bankruptcy application, the debtor is considered unable to repay the debt if one of these conditions below are met:

The debtor does not comply with demands for a statutory request to repay owed debt within a minimum of 21 days.

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The debtor does not obey the court-issued demand for the payment of debt.

The debtor eventually left the country to evade repayment.

The OA proves that respective debtor cannot meet demands to pay debt.

Steps taken to File for Bankruptcy.

6 basic steps are needed to file for bankruptcy within Singapore.

Step 1     One need collect, fill in the compulsory forms applying to:

Debtor’s Bankruptcy Application.

Affidavit in Support of Debtor’s Bankruptcy Application.

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Statement of Affairs (the statement with information about your full Assets, Liabilities, Present Employment Status or Monthly Expenditure); and

Affidavit Verifying Statement of Affairs.

Step 2     Deposit a bankruptcy sum of $1,850 over with OA. Cash payments may be submitted at SingPost counters, then the receipt gets instantly issued to you (Keep the printed receipt).

Also, to submit payment with PayNow, email MinLaw’s Finance Department at [email protected] to ask for the PayNow Proxy and Payment steps.

Step 3     Take the completed documents (following Step 1) with the receipt (from Step 2) over to Supreme Court’s Legal Registry housed at Level 2 of the Supreme Court, then next proceed to submit payment of the Prescribed Stamp/Commissioner for Oaths Fees.

Step 4     Go to affirm the Affidavit Verifying Statement of Affairs and the Affidavit in Support of Debtor’s Bankruptcy Application before the Commissioner for Oaths (housed at Level 3M of the Supreme Court).

The Commissioner for Oaths then signs, stamps formally on submitted documents.

Step 5     Go to the LawNet Service Bureau (housed in Level 1 of the Supreme Court) to file the documents via eLitigation upon payment of prescribed fees.

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The LawNet Service Bureau then delivers the date for collecting your documents and following which, the date and time for the bankruptcy hearing next gets printed upon your Application.

Step 6     One must attend the hearing on the appointed date and time.

Or you must write over to Registrar of the Supreme Court to ask for a delayed hearing date explaining the rationale for delay request.

Note: Alternatively for the Statement of Affairs (that may get handwritten), each form must be type-written.

 

The creditor may file the bankruptcy application against you in the event that you did not comply promptly with the Statutory Demand (which had been served to you upon the demand for payment).

Still, regardless of whether it was you, or creditor that filed the bankruptcy application, the Bankruptcy Order will be made over to you, by the High Court, in the event that the application succeeds.

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Charges upon Filing for Bankruptcy

Each creditor or debtor that seeks to file for bankruptcy must deposit a sum of $1,850 to the OA to administer the debtor’s estate, as previously stated.

Upon successful bankruptcy applications filed by a creditor, the creditor may recover the full sum of the deposit if there are sufficient funds within the bankrupt’s estate.

Over successful bankruptcy applications filed by the debtor nevertheless, the deposit of $1,850 does not get refunded.

For bankruptcy applications that were eventually dismissed or withdrawn, the OA will refund $1,800 to the applicant (whether it is creditor or the debtor) whereas the leftover $50 gets retained as initial administration charges.

Suppose you hire a lawyer to assist your filing for bankruptcy, the lawyer will charge their professional fees in addition to the deposit sum.

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