She hoped that the move towards having private trustees in bankruptcy would soften the blow of going bankrupt.
SINGAPORE — Workers’ Party MP Sylvia Lim said in a speech in Parliament on Monday that there are several reasons why people end up in bankruptcy, “including misfortune, bad timing and being guarantors for the debts of others.”
“I do hope that as we move towards a system of having PTIBs as the default, the bankruptcy experience can be a less painful one,”Ms Lim, who is also the WP chair, made a speech concerning the Insolvency, Restructuring, and Dissolution Bill, raising the question of what has been observed in the last five years, ever since private trustees in bankruptcy began to be utilised in cases involving institutional creditors.
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