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What if debtor's financial circumstances change after the commencement of his Debt Repayment Plan ("DRP")?

Updated by MLAW

The debtor or the creditor should inform the Official Assignee ("OA") of any change in the debtor's financial circumstances, particularly where the change may affect his ability to comply with the terms of the DRP. The OA may then consider modifying the DRP. This is on a case-by-case basis.

The debtor's creditor(s) will be informed of any changes in the debtor's circumstances that may affect the debtor's ability to fulfil the terms of the DRP.

Topics:

Insolvency OfficeDebt Repayment Scheme

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