|When a person is made bankrupt, the Official Assignee will step in to manage all his assets except for the HDB flat and CPF money.|
The Court will still divide the matrimonial assets in the same way as in a case where neither spouse is bankrupt. But the Official Assignee may attend the ancillary matters hearing to make representations on behalf of the bankrupt spouse. If you and your spouse have reached an agreement on the division of the matrimonial assets, you will need to obtain the Official Assignee’s approval before the Court will endorse your agreement.
For more information on bankruptcy and the role of the Official Assignee, you may wish to refer to the website of theInsolvency and Public Trustee’s Office.