Singapore Expats

Hi all,

A close friend of mine lost a lot of monies in stock gram long, have left Singapore with 2 CC debts around 40k and a couple of licensed moneylenders (around 30k)

What will be the outcome if he comes back to Singapore?

Is it a good idea if I persuade him to file insolvency (as he has no money to pay off he huge outstanding)? If he file insolvency, will he be able to leave Singapore afterwards?

Many thanks and looking forward advices

lmkandyyl wrote:Hi all,

A close friend of mine lost a lot of monies in stock gram long, have left Singapore with 2 CC debts around 40k and a couple of licensed moneylenders (around 30k)

What will be the outcome if he comes back to Singapore?

Is it a good idea if I persuade him to file insolvency (as he has no money to pay off he huge outstanding)? If he file insolvency, will he be able to leave Singapore afterwards?

Many thanks and looking forward advices

If you did a simple search, you will know that a lot has been discussed about foreigners leaving debts here and their limited options

Thanks. Just had a search and found many of them are actually worrying when re-entering Singapore. But my friend wants to file insolvency to close the file. But 2 concerns are, whether insolvency works against licensed moneylender and whether he will be prohibited to leave the country.

Besides the court cases, you will probably have massive hospital bills after the moneylenders you stiffed find out you are back.

sundaymorningstaple wrote:Besides the court cases, you will probably have massive hospital bills after the moneylenders you stiffed find out you are back.

?
Hi SMS, in fact the so called "insolvency protection" does apply on these moneylender or not in legal sense?

Go ahead, push yer luck. Let us know how it turns out. If they are called legal moneylenders instead of finance companies, or banks, then there are only a single step above being ah longs. In fact, most of 'em ARE ah longs who are trying to launder the rest of their ill gotten gains. I wouldn't want to be in your shoes, truth be known. I'm foolhardy, but not stupid.

sundaymorningstaple wrote:Go ahead, push yer luck. Let us know how it turns out. If they are called legal moneylenders instead of finance companies, or banks, then there are only a single step above being ah longs. In fact, most of 'em ARE ah longs who are trying to launder the rest of their ill gotten gains. I wouldn't want to be in your shoes, truth be known. I'm foolhardy, but not stupid.

Then i think the biggest concern for my fd is...if filed insolvency in singapore...he is prohibited to leave singapore then big headache liao...