4 June 2007 – Public Consultation on “Debt Repayment Scheme”

The Ministry of Law and the Insolvency & Public Trustee’s Office (IPTO) have issued a public consultation paper on the proposed Debt Repayment Scheme (“DRS’) to help wage-earner debtors with relatively small unsecured debts not exceeding $100,000 avoid bankruptcy.

The deadline for the public consultation paper has been extended from 1 June 2007 to 11 June 2007 for IPAS associates and fellows. IPAS would like to seek comments from its associates and fellows on the public consultation paper.

The public consultation paper on the scheme can also be found at the IPTO’s website www.ipto.gov.sg, the Ministry of Law’s website www.minlaw.gov.sg, and the Government Consultation Portal www.reach.gov.sg.

Comments on the public consultation should be made in writing to technical@icpas.org.sg by 11 June 2007.