Interpretation of this Part
Open ↗402. In this Part —(a)
references to property comprised in the bankrupt’s estate or to property possession of which is required to be delivered up to the Official Assignee include references to any property mentioned in section 329(1);
(b)
“initial period” means the period between the making of the bankruptcy application by or against a debtor and the commencement of the debtor’s bankruptcy;
(c)
a reference to a number of months or years before the making of a bankruptcy application is to be read as a reference to that period ending with the making of the bankruptcy application; and
(d)
“Official Assignee” includes a trustee in bankruptcy.
Powers of investigation
Open ↗403.—(1) For the purpose of investigating any offence under Parts 3 and 13 to 21, the Official Assignee or any officer authorised by the Official Assignee (called in this section an authorised officer) may do all or any of the following:(a)
require, by notice in writing, any person who appears to be acquainted with the facts and circumstances relating to the offence to attend before the Official Assignee or authorised officer (as the case may be) on such date and at such time as may be specified in the notice;
(b)
examine any person who appears to be acquainted with the facts and circumstances relating to the offence, and require that person to answer such questions relating to the offence as may be posed by the Official Assignee or authorised officer, as the case may be;
(c)
require any person to furnish any information, or produce any book, document or copy of a book or document, which may relate to the offence, that is in the possession of that person and, without payment, inspect, keep, copy, photograph or take extracts from any such book, document or copy.
(2) A statement made by any person examined under this section must —(a)
be reduced to writing;
(b)
be read over to that person;
(c)
if that person does not understand English, be interpreted in a language which that person understands; and
(d)
after correction, if necessary, be signed by that person.
(3) Any person who, without reasonable excuse, does any of the following shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,500 or to imprisonment for a term not exceeding one month or to both:(a)
fails to attend before the Official Assignee or an authorised officer as required by a notice under subsection (1)(a);
(b)
fails to furnish any information, or produce any book, document or copy of a book or document, in that person’s possession as required under subsection (1)(c).
(4) Any person who, without reasonable excuse, fails to answer any question posed to that person as required under subsection (1)(b) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $3,000 or to imprisonment for a term not exceeding 6 months or to both.
Defence of innocent intention
Open ↗404.—(1) In the case of an offence under any provision of this Part, other than sections 406(e), 408, 411(2), 413, 414 and 416, a person shall not be guilty of the offence if the person proves that, at the time of the conduct constituting the offence, the person had no intent to defraud or to conceal the state of the person’s affairs.
(2) An individual who is a bankrupt is not guilty of any offence under section 406(a), (b) or (d), 407(a), (b), (c), (d) or (e), 410(a) or 412(1)(a), (b) or (c) if the individual proves that, at the time of the conduct constituting the offence, the individual did not know or have any reason to believe that the individual had been made a bankrupt.
Non-disclosure
Open ↗405.—(1) A bankrupt shall be guilty of an offence if —(a)
the bankrupt does not to the best of the bankrupt’s knowledge and belief disclose to the Official Assignee all the property comprised in the bankrupt’s estate; or
(b)
the bankrupt does not inform the Official Assignee of any disposal of any property which, but for the disposal, would be comprised in the bankrupt’s estate, stating how, when, to whom and for what consideration the property was disposed of.
(2) Subsection (1)(b) does not apply to any disposal of property in the ordinary course of a business carried on by the bankrupt or to any payment of the ordinary expenses of the bankrupt or the bankrupt’s family.
Concealment of property
Open ↗406. A bankrupt shall be guilty of an offence if —(a)
the bankrupt does not deliver up possession to the Official Assignee, or as the Official Assignee may direct, of such part of the property comprised in the bankrupt’s estate as is in the possession or under the control of the bankrupt and which the bankrupt is required by law to deliver up;
(b)
the bankrupt conceals any debt due to or from the bankrupt or conceals any property the value of which is at least $1,000 (or such higher amount as may be prescribed) and possession of which the bankrupt is required to deliver up to the Official Assignee;
(c)
in the 12 months before the making of the bankruptcy application by or against the bankrupt, or in the initial period, the bankrupt did anything which would have been an offence under paragraph (b) if the bankruptcy order against the bankrupt had been made before the bankrupt did it;
(d)
the bankrupt removes, or in the initial period removed, any property the value of which is or was at least $1,000 (or such higher amount as may be prescribed) and possession of which the bankrupt is or would have been required to deliver up to the Official Assignee; or
(e)
the bankrupt without reasonable excuse fails, on being required to do so by the Official Assignee or the court —(i)
to account for the loss of any substantial part of the bankrupt’s property incurred in the 12 months before the making of the bankruptcy application by or against the bankrupt or in the initial period; or
(ii)
to give a satisfactory explanation of the manner in which such a loss was incurred.
Concealment of books and papers; falsification, etc.
Open ↗407. A bankrupt shall be guilty of an offence if —(a)
the bankrupt does not deliver up possession to the Official Assignee, or as the Official Assignee may direct, of all books, papers and other records of which the bankrupt has possession or control and which relate to the bankrupt’s estate or affairs;
(b)
the bankrupt prevents, or in the initial period prevented, the production of any books, papers or records relating to the bankrupt’s estate or affairs;
(c)
the bankrupt conceals, destroys, mutilates or falsifies, or causes or permits the concealment, destruction, mutilation or falsification of, any books, papers or other records relating to the bankrupt’s estate or affairs;
(d)
the bankrupt makes, or causes or permits the making of, any false entries in any book, document or record relating to the bankrupt’s estate or affairs;
(e)
the bankrupt disposes of, or alters or makes any omission in, or causes or permits the disposal, altering or making of any omission in, any book, document or record relating to the bankrupt’s estate or affairs; or
(f)
in the 12 months before the making of the bankruptcy application by or against the bankrupt, or in the initial period, the bankrupt did anything which would have been an offence under paragraph (c), (d) or (e) if the bankruptcy order against the bankrupt had been made before the bankrupt did it.
False statements
Open ↗408. A bankrupt shall be guilty of an offence if —(a)
the bankrupt makes any false statement or any material omission in any statement under Part 3 or Parts 13 to 21 relating to the bankrupt’s affairs;
(b)
knowing or believing that a false debt has been proved by any person under the bankruptcy, the bankrupt fails to inform the Official Assignee as soon as practicable;
(c)
the bankrupt attempts to account for any part of the bankrupt’s property by fictitious losses or expenses;
(d)
at any meeting of the bankrupt’s creditors in the 12 months before the making of the bankruptcy application by or against the bankrupt or (whether or not at such a meeting) at any time in the initial period, the bankrupt did anything which would have been an offence under paragraph (c) if the bankruptcy order against the bankrupt had been made before the bankrupt did it; or
(e)
the bankrupt is, or at any time has been, guilty of any false representation or other fraud for the purpose of obtaining the consent of the bankrupt’s creditors, or any of them, to an agreement with reference to the bankrupt’s affairs or to his or her bankruptcy.
Fraudulent disposal of property
Open ↗409.—(1) A bankrupt shall be guilty of an offence if —(a)
the bankrupt makes or causes to be made, or has during the period of 5 years before the date of the bankruptcy order against the bankrupt, made or caused to be made, any gift or transfer of, or any charge on, the bankrupt’s property, with the intention of defrauding the bankrupt’s creditors, or of depriving the bankrupt’s creditors of the property in the event that a bankruptcy order is made against the bankrupt; or
(b)
the bankrupt conceals or removes, or has at any time before the commencement of the bankruptcy concealed or removed, any part of the bankrupt’s property after, or within 2 months before, the date on which a judgment or an order for the payment of money has been obtained against the bankrupt, being a judgment or an order which was not satisfied before the commencement of his or her bankruptcy.
(2) In this section, the reference to making a transfer of or a charge on any property includes a reference to causing or conniving at the execution of an enforcement order against that property.[Act 25 of 2021 wef 01/04/2022]
Absconding with property
Open ↗410. A bankrupt shall be guilty of an offence if —(a)
the bankrupt leaves, or attempts or makes preparations to leave, Singapore with any property the value of which is at least $1,000 (or such higher amount as may be prescribed) and possession of which the bankrupt is required to deliver up to the Official Assignee; or
(b)
in the 12 months before the making of the bankruptcy application by or against the bankrupt, or in the initial period, the bankrupt did anything which would have been an offence under paragraph (a) if the bankruptcy order against the bankrupt had been made before the bankrupt did it.
Fraudulent dealing with property obtained on credit
Open ↗411.—(1) A bankrupt shall be guilty of an offence if, in the 12 months before the making of the bankruptcy application by or against the bankrupt, or in the initial period, the bankrupt disposed of any property which the bankrupt had obtained on credit and which, at the time the bankrupt disposed of it, had not been paid for.
(2) A person shall be guilty of an offence if, in the 12 months before the making of the bankruptcy application by or against a bankrupt, or in the initial period, the person acquired or received property from the bankrupt knowing or believing —(a)
that the bankrupt owed money in respect of the property; and
(b)
that the bankrupt did not intend, or was unlikely to be able, to pay the money so owed.
(3) A person shall not be guilty of an offence under subsection (1) or (2) if the disposal, acquisition or receipt of the property was in the ordinary course of a business carried on by the bankrupt at the time of the disposal, acquisition or receipt.
(4) In determining for the purposes of this section whether any property is disposed of, acquired or received in the ordinary course of a business carried on by the bankrupt, regard may be had, in particular, to the price paid for the property.
(5) In this section, any reference to disposing of property is to be read as including a reference to pawning or pledging of such property, and any reference to acquiring or receiving property is to be read accordingly.
Obtaining credit, engaging in business, or standing as guarantor
Open ↗412.—(1) An individual shall be guilty of an offence if, being an undischarged bankrupt —(a)
either alone or jointly with any other person, the individual obtains credit to the extent of at least $1,000 (or such higher amount as may be prescribed) from any person without informing that person, at the time the credit is obtained, that the individual is an undischarged bankrupt;
(b)
the individual engages in any trade or business under a name other than that under which the individual was adjudged bankrupt without disclosing to every person with whom the individual enters into any business transaction, at the time the transaction is entered into, the name under which the individual was adjudged bankrupt;[Act 1 of 2023 wef 22/05/2026]
(c)
the individual provides a guarantee, indemnity or security to the extent of at least $1,000 (or such higher amount as may be prescribed) in respect of any amount borrowed or charged or any credit obtained by another person, without informing the lender or creditor, at the time the guarantee, indemnity or security is provided, that the individual is an undischarged bankrupt; or[Act 1 of 2023 wef 22/05/2026]
(d)
the individual receives money or other consideration of at least $10,000 (or such higher amount as may be prescribed) from a person that is advance payment for the supply of goods or services, without informing that person, at the time the money or other consideration is received, that the individual is an undischarged bankrupt, regardless of —(i)
whether the money or other consideration is received on the individual’s own account or on account of another person; and
(ii)
whether the money or other consideration received is full or partial payment for the supply of the goods or services.[Act 1 of 2023 wef 22/05/2026]
(2) In this section, any reference to a bankrupt obtaining credit is to be read as including a reference to any case in which —(a)
goods are bailed to the bankrupt under a hire‑purchase agreement; and
(b)
the bankrupt is paid in advance (whether in money or otherwise) for the supply of goods or services.
(3) The Minister may, by order in the Gazette, exempt any person or class of persons from subsection (1)(d).[Act 1 of 2023 wef 22/05/2026]
Failure to keep proper accounts of business
Open ↗413.—(1) A bankrupt shall be guilty of an offence if, having been engaged in any business within 2 years before the making of the bankruptcy application by or against the bankrupt, the bankrupt has not —(a)
kept proper accounting records throughout that period and throughout any part of the initial period in which the bankrupt was so engaged; or
(b)
preserved all the accounting records which the bankrupt has kept for the periods mentioned in paragraph (a).
(2) For the purposes of this section, a person is deemed not to have kept proper accounting records if the person has not kept such records as are necessary to show or explain the person’s transactions and financial position in the person’s business, including —(a)
records containing entries from day to day, in sufficient detail, of all cash paid and received;
(b)
where the business involved dealings in goods, statements of annual stock-takings; and
(c)
except in the case of goods sold by way of retail trade, records of all goods sold and purchased showing the buyers and sellers in sufficient detail to enable the goods and the buyers and sellers to be identified.
(3) A bankrupt shall not be guilty of an offence under subsection (1) —(a)
if the bankrupt’s unsecured liabilities at the commencement of the bankruptcy did not exceed $15,000; or
(b)
if the bankrupt proves that in the circumstances in which the bankrupt carried on business the omission was honest and excusable.
Gambling
Open ↗414.—(1) A bankrupt shall be guilty of an offence if the bankrupt has —(a)
in the 12 months before the making of the bankruptcy application by or against the bankrupt, materially contributed to, or increased the extent of, the bankrupt’s insolvency by gambling or by rash and hazardous speculations; or
(b)
in the initial period, lost any part of the bankrupt’s property by gambling or by rash and hazardous speculations.
(2) In determining for the purposes of this section whether any speculation was rash and hazardous, the financial position of the bankrupt at the time when the bankrupt entered into it is to be taken into consideration.
Bankrupt incurring debt without reasonable ground of expectation of being able to pay it
Open ↗415. A bankrupt shall be guilty of an offence if —(a)
within 12 months before the making of a bankruptcy application by or against the bankrupt, or during the initial period, the bankrupt incurs any debt provable in bankruptcy; or
(b)
having been engaged in carrying on any trade or business, the bankrupt continues to trade or carry on business by incurring any debt provable in bankruptcy within 12 months before the date of the making of a bankruptcy application by or against the bankrupt, or during the initial period, the bankrupt being insolvent on the date of incurring the debt,
without any reasonable ground of expectation of being able to pay the debt.
Making of false claims, etc.
Open ↗416.—(1) Any creditor in any bankruptcy, composition or arrangement with creditors shall be guilty of an offence if the creditor makes any claim, proof, declaration or statement of account which is untrue in any material particular unless the creditor satisfies the court that the creditor had no intent to defraud.
(2) A creditor shall be guilty of an offence if the creditor obtains or receives any money, property or security from any person as an inducement for forbearing to oppose, or for consenting to, the discharge of a bankrupt.
(3) A person shall be guilty of an offence if the person, knowing that a bankruptcy order has been made against a debtor, removes, conceals, receives or otherwise deals with or disposes of any part of the property of the debtor, with intent to defeat the order.
(4) Fines imposed and levied under this section are deemed to be part of the property of the bankrupt and vest in the Official Assignee.
Penalty
Open ↗417. A person guilty of any offence under this Part for which no penalty is expressly provided shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both.
Supplementary provisions
Open ↗418.—(1) It is not a defence in proceedings for a bankruptcy‑related offence that anything relied on, in whole or in part, as constituting that offence was done outside Singapore.
(2) In a charge for a bankruptcy-related offence, it is sufficient to set forth the substance of the offence charged in the words of the provision creating the offence, specifying the offence or as near to specifying the offence as circumstances admit, without alleging or setting forth any debt, demand, application or any proceedings in, or order, warrant or document of, the Court under Division 2 of Part 3 or Parts 13 to 21.
(3) Where a bankrupt is guilty of any bankruptcy‑related offence, the bankrupt is not exempt from being proceeded against for the offence by reason that the bankrupt has obtained his or her discharge or that the bankruptcy order made against the bankrupt has been annulled or rescinded.
(4) In this section, “bankruptcy-related offence” means any offence under —(a)
Division 2 of Part 3; and
(b)
Parts 13 to 21.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
