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Old 28-07-2005, 11:39 AM
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Re: All you need to know about "Marriage/Divorce" under the SG Law

What will happen to the properties/belongings owned by my spouse and me if my spouse becomes a bankrupt?

If your spouse becomes a bankrupt, then all his properties and belongings (except for certain items, usually the HDB flat and his CPF monies) will vest in (come under the charge of) the Official Assignee ("OA"). Your spouse can no longer sell or transfer or do anything with these properties without the permission of the OA (he is the official from the Insolvency and Public Trustee's Office who is in charge of bankrupts' affairs). The OA will manage all these properties, in order to find the money to pay off your spouse's creditors.

If you think that you have a share in these properties and belongings, you should inform the OA. If the OA accepts your claim, then your share of the properties and belongings will not be used to pay off your spouse's creditors. If the OA disagrees with your claim, you may have to make a court application to resolve the matter. If you are not divorced, then the principles which the court will use to decide what your share of the properties and belongings are will be those applicable to parties who are not spouses
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