Bankruptcy orders annulled against three former NKF directors

Bankruptcy orders annulled against three former NKF directors

Three former directors of the National Kidney Foundation (NKF) had their bankruptcy orders annulled after their creditors accepted a debt settlement proposal.

SINGAPORE: Three former directors of the National Kidney Foundation (NKF) had their bankruptcy orders annulled after their creditors accepted a debt settlement proposal.

The three - Matilda Chua, Richard Yong and Loo Say San - had been accused of abusing their powers, including using NKF funds abroad.

NKF had sued the three and filed bankruptcy claims when they failed to pay up.

Senior Parliamentary Secretary for Law, Sim Ann, said the three directors were declared bankrupts in May 2007, and granted certificates of annulment in December 2011.

She was responding to a question from Non-Constituency MP, Lina Chiam, who asked how bankruptcy laws had been applied in the case.

Sim Ann said: "The Official Assignee had completed the administration of their bankruptcy estates and realised all their available assets for the benefit of the creditors. A debt settlement proposal was put up to the creditors for their consideration. This was accepted by creditors."

Figures of the number of people discharged from bankruptcy were also released in Parliament on Tuesday.

In the last two years, some 3,600 people were discharged from bankruptcy and 274 debtors placed on the Debt Repayment Scheme.

Of these 274 debtors, seven have completed the scheme and 29 fell out as they did not follow the repayment plan.

The scheme was introduced in 2009 to allow debtors with regular incomes and debts not exceeding S$100,000 to avoid bankruptcy by paying off all or some of their debts through a repayment plan.

Source: CNA/fa/de

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