Gov’t seeks feedback on proposed amendments to the debt repayment scheme

The law is looking to criminalise firms exploiting the scheme.

The Ministry of Law seeks feedback on the proposed legislative amendments to the Debt Repayment Scheme (DRS).

The amendments aim to prevent abuse of the DRS and keep it effective and relevant to Singapore’s financial landscape.

The proposed amendments include:

Introducing a new criminal offence to target the soliciting and canvassing of any person, in the course of any business, to make a bankruptcy application;
Adding two new grounds of unsuitability for the DRS, namely the failure to pay the preliminary fees, and the incurring of debts with no reasonable ground of expectation of being able to pay;
Adding one new ground of failure, namely the incurring of debts with no reasonable ground of expectation of being able to pay; and
Imposing a four-week time limit for creditors to file their proofs of debt under the DRS.

The public consultation will run for three weeks, ending on 27 June.

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