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Singapore: IPTO to Enhance Online Bankruptcy Platform |
| Source: |
channelnewsasia.com |
| Source Date: |
Sunday, March 25, 2012 |
| Focus: |
ICT for MDGs
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| Country: |
Singapore |
| Created: |
Mar 27, 2012 |
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SINGAPORE: The Insolvency and Public Trustee's Office (IPTO) will launch an enhanced version of its 24-hour online platform to give bankrupts and their creditors to access information on the bankruptcy estate.
The Individual Insolvency Administration Information (IIAI) platform will be launched on 26 March.
Currently, bankrupts are only able to see limited information, such as the name of the petitioning creditor, the date the bankruptcy petition was filed, the date of the bankruptcy order, the name of the trustee in bankruptcy, and the causes of insolvency on the IIAI platform.
To obtain more information, bankrupts and creditors need to call IPTO, send letters or emails, or meet IPTO officers in person.
With the enhanced IIAI platform, bankrupts will have access to more useful information concerning their bankruptcies.
This includes the total amount in their bankruptcy estate accounts, the due date to submit their Income and Expenditure Statements, as well as the approval status of their applications to travel overseas, manage a business, or act as a director of a company.
The service is free for bankrupts.
For creditors, the enhanced IIAI platform will provide the total amount in the bankruptcy estate account.
Currently, they have access to information such as the date the bankruptcy petition was filed, the name of the petitioning creditor, the date of the bankruptcy order, the name of the trustee in bankruptcy, and the total claims made against the bankruptcy estate.
Each online search costs S$5.
It'll cost S$10 for creditors who prefer to apply to IPTO to retrieve information.
IPTO encourages creditors to access the IIAI platform directly, as the provision of the information through non-online means will not be instantaneous.
Senior Parliamentary Secretary for Law, Ms Sim Ann, said the online platform's accessibility round the clock will allow bankrupts and their creditors to more easily access information relevant to their case.
She said IPTO will continue to work to provide more and enhanced channels of communication with our stakeholders to improve bankruptcy administration.
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Singapore: IPTO to Enhance Online Bankruptcy Platform The Insolvency and Public Trustee's Office IPTO will launch an enhanced version of its 24-hour online platform to give bankrupts and their creditors to access information on the bankruptcy estate
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