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What happens if a debtor on Debt Repayment Scheme (“DRS”) defaults on his instalment payment?

Updated by MLAW

The Official Assignee may issue a Certificate of Failure against the debtor and will inform his creditors of this. The creditors may then start fresh bankruptcy proceedings against the debtor. The debtor may be adjudged a bankrupt thereafter.

Topics:

Insolvency OfficeDebt Repayment Scheme

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