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The Debt Repayment Scheme (“DRS”) is a pre-bankruptcy scheme which is administered by the Official Assignee. It seeks a win-win outcome for both the debtor and his creditor.
At the hearing of the bankruptcy application, the High Court may refer a case to the Official Assignee for an assessment to be conducted to determine the debtor’s suitability to be placed on the Debt Repayment Scheme (DRS).
In summary, the debt repayment scheme is essentially for helping people to avoid getting into bankruptcy. Through this scheme, people who are in debt and have difficulty paying off the debt, can have their debt restructured into monthly instalments, for repayment within a period of five years.
Oct 22, 2020 · The Debt Repayment Scheme (DRS) is an available alternative to declaring bankrupt. The High Court will appoint an officer of the court from the Ministry of Law’s Insolvency Office, otherwise known as the Official Assignee (OA), to administer the debtor’s affairs.
The Debt Repayment Scheme (DRS) is a pre-bankruptcy scheme administered by the Official Assignee (OA). When successfully placed on DRS, the debtor avoids bankruptcy, along with its restrictions and social stigma.
Feb 15, 2024 · What is a Debt Repayment Scheme (DRS)? A Debt Repayment Scheme in Singapore gives the you the opportunity to repay your debt within a set timeframe at no additional interest charge levied, with the aim of settling your debt and potentially avoid bankruptcy.
What Is The Debt Repayment Scheme (DRS)? Administered by the Official Assignee (OA) from the Ministry of Law’s Insolvency Office, the Debt Repayment Scheme (DRS) is considered a pre-bankruptcy scheme that enables you to avoid bankruptcy.
Apr 8, 2020 · The Debt Repayment Scheme is one of several alternatives to bankruptcy in Singapore, constituting a plan for debt repayment under the supervision of the Official Assignee (OA) appointed by the Court.
Apr 30, 2021 · Here are 3 main programmes for you to restructure debt in Singapore: Debt Consolidation Plan (DCP) Debt Management Plan (DMP) Debt Repayment Scheme (DRS) DCP. The DCP was introduced in January 2017 to provide an avenue for individuals to be more disciplined in meeting their debt payments or commitments.
Dec 22, 2020 · These Regulations are the Insolvency, Restructuring and Dissolution (Debt Repayment Scheme) Regulations 2020 and come into operation on 30 July 2020.
