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Shun Oh

27 Mar 2020

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Is it true a bankrupt personnel cannot open a bank saving account?

Is this true? Do you get blacklisted by banks?

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Zachary Teo

27 Mar 2020

Art Director at Ad Agency

Hmm I think is not true. Based on the information provided by Ministry of Law, you can open a bank account if your official assignee (The Official Assignee is a public servant and an officer of the Court.) agrees to it.

Quoted from Ministry of Law

Yes. The Official Assignee will assist you in opening a new savings account. This account will allow you to arrange for GIRO payment, make cash withdrawals and access the Automated Teller Machine facilities.

he following conditions will be imposed when you open the new savings account:

You have to pay your monthly instalments towards your bankruptcy estate using GIRO through that account; and
You must furnish all information required by the Official Assignee in respect of that account.

If the above conditions are not complied with, the Official Assignee can close the account.

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