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What will happen to the division of matrimonial assets if my spouse is, or I am, a bankrupt?

Upon the bankruptcy of a person, his assets will vest in (i.e. come under the charge of) the Official Assignee (OA), the official from the Insolvency and Public Trustee's Office. The OA will then manage these assets, to find the money to pay off the bankrupt's creditors. The bankrupt will not be able to sell or transfer or do anything to dispose of the assets without the permission of the OA. Note that some assets do not vest in the OA, such as the HDB flat and CPF monies.

The division of the matrimonial assets in divorce proceedings will still take place in a case where either or both parties are bankrupt, in the same way as in a case where neither of the parties is a bankrupt. However, the OA may attend the hearing of the ancillary matters, to make representations on behalf of the bankrupt. The approval of the OA is also needed if there is a settlement on the division of the assets between the parties.