A bankrupt’s statement of affairs is the full disclosure of your assets, debts, income, expenses and recent dealings that you must give the Official Assignee after a bankruptcy order. Under section 332 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA), a person made bankrupt on a creditor’s application must submit it within 21 days after the order. It is filed online through the Insolvency Office’s Insolvent Person’s Portal with supporting documents. Failing to submit it, or submitting a false or incomplete one, is an offence punishable by a fine of up to S$10,000, up to 2 years’ jail, or both.
This guide is for company directors, shareholders and personal guarantors who have just been made bankrupt, and it reflects the law as at 6 November 2026.
What is the bankrupt’s statement of affairs, and who has to file it?
Once a bankruptcy order is made, your property passes to a trustee who administers it for your creditors. The trustee is either the Official Assignee (the government officer, within the Ministry of Law’s Insolvency Office, who administers bankruptcies) or a private trustee in bankruptcy, which the Insolvency Office describes as a registered public accountant or an advocate and solicitor. The bankruptcy order names your trustee.
The statement of affairs is the trustee’s starting point. It tells them what you own, what you owe, what you earn, what your family needs to live on, and what you have given away or paid out before the bankruptcy. Everything that follows in your bankruptcy, from asset recovery to your monthly contribution, is built on it.
Section 332(1) of the IRDA applies where the bankruptcy order was made otherwise than on a debtor’s own bankruptcy application. In practice that covers most directors and guarantors, because the usual route is a bank or landlord calling a personal guarantee, serving a statutory demand and then applying for bankruptcy. Our guide on when a creditor can make a director bankrupt covers that route up to the order. This article picks up from the day the order is made.
If you applied for your own bankruptcy, you will already have exhibited a statement of affairs to your affidavit when you filed. That route is explained in our guide to the debtor’s bankruptcy application. Partners of a firm made bankrupt have their own rules under section 332(2), including a joint statement of the partnership’s affairs.
For how this statement compares with the company statements that liquidators and judicial managers ask directors for, see our overview of what a statement of affairs is in Singapore.
What information must the statement contain?
Section 332(3) requires the statement to be in the prescribed form and manner and to give particulars of seven matters. The Insolvency Office’s online form groups them into tabs. The table maps one to the other.
| What the IRDA requires (s 332(3)) | Where it goes on the portal | What a director or guarantor should watch |
|---|---|---|
| Your assets | Assets tab: cash in hand, local and overseas bank accounts, money owed to you, other assets, real estate, business assets, pending claims | Shares in your own company, loans you made to the company, jointly held accounts and property |
| Your creditors, debts and other liabilities | Liabilities tab: preferential creditors, other creditors, pending lawsuits and claims | Guarantees already called, guarantees not yet called, personal tax, and loans from relatives or friends |
| Current income from any source | Particulars tab: employment details, financial supporters, other sources of income | Director’s fees, salary from your company, rental income, allowances |
| Current employment status and employment history | Particulars tab: employment details | If your company has stopped trading, say so and give your last role |
| Qualifications, age and work experience | Particulars tab | These inform your earning capacity |
| Members of your family | Particulars tab: family particulars, children and dependants | Include parents or relatives who rely on you financially |
| Monthly expenses needed to maintain you and your family | Particulars tab: monthly expenses for yourself and your family, with a breakdown | Expenses should be realistic and supported by bills |
What do directors and guarantors commonly leave out?
An incomplete statement is often not dishonest. It is usually written by someone who thinks of the company’s affairs and their own affairs as separate boxes. For bankruptcy purposes, a lot of the company sits on your personal balance sheet.
- Shares in your own company. Your shareholding is an asset even if the company is insolvent or in liquidation. Declare it, give your honest estimate of its value (which may be nil) and explain why.
- Money your company owes you. The portal asks whether any individual, company or business owes you money. A credit balance on a director’s loan account, unpaid director’s fees or a shareholder loan belongs here. If the company is in liquidation, say so; your claim will usually be a proof of debt in the liquidation. Our article on director loans in liquidation explains how those balances are treated.
- Every guarantee you signed. A guarantee that has been called is a debt. One that has not yet been called, or is disputed, should still be disclosed as a pending claim or contingent liability. Our guide to personal guarantee liability explains when a guarantee becomes payable.
- Disposals in the last 5 years. The portal asks for any assets you gave away, transferred or sold in the last 5 years, and lists property, motor vehicles, insurance policies and company shares as examples. A transfer of shares to a business partner or a car to a spouse belongs here.
- Payments to creditors. You must declare payments to any creditor in the 2 years before the bankruptcy application, and any payment to a creditor after the application. Repaying a relative, a friend or a supplier you also know personally is exactly what this section is looking for.
- Current directorships. The portal asks whether you are currently a director or involved in managing any business. Answer it, and remember that as an undischarged bankrupt you need permission to continue (see the FAQ below).
How do you file the statement on the Insolvent Person’s Portal?
The Insolvency Office’s filing guide describes these steps. Your trustee will normally write to you after the order, but the 21 days run from the date of the bankruptcy order, not from the letter.
- Log in. Go to the Insolvency Office’s bankruptcy e-services, select “Bankruptcy” and then “Insolvent Person’s Portal”, and log in. On first login you give consent for disclosure of information.
- Open the form. From the dashboard, select “Statement of Affairs / Supplementary Information” and click “Edit”. You can save at any time and come back.
- Particulars tab. Enter personal and family particulars, any HDB flat and co-owners, dependants, monthly expenses, employment, financial supporters, other income, directorships, lawsuits and the main cause of your bankruptcy.
- Assets tab. Declare cash, every local and overseas bank account, money owed to you, other assets, real estate, business assets of a sole proprietorship or partnership, and pending claims you have against others.
- Liabilities tab. Declare preferential creditors (for example income tax, foreign worker levy and CPF), all other creditors, and pending lawsuits and claims against you.
- Disposed Asset and Debt Repayment tab. List assets disposed of in the last 5 years and payments to creditors in the 2 years before the application and after it.
- Statement Summary tab. Check the totals and upload supporting documents.
- Confirm and submit. Read the declaration carefully, tick it and submit. You receive an e-filing number and an email copy. The statement then goes to your trustee for review.
Which supporting documents should you gather?
The filing guide asks for documents such as your identity card, letter of employment, payslips, CPF statements and proof of recurring expenses. The Insolvency Office’s document list for debtors also includes a deed poll (if any), salary slips for the past 3 months, a CPF contribution history for the past 15 months, insurance policies and documents for money owed to you. For a business owner, we suggest preparing the following as well.
- Bank statements for every personal and joint account, local and overseas
- Your ACRA business profile and a list of companies in which you are a director or shareholder
- Share certificates or the company’s register of members extract
- The company’s ledger or statement of your director’s loan account
- Each guarantee, letter of demand, statutory demand and court document
- Your latest notices of assessment from IRAS
- Hire purchase, mortgage and tenancy documents
- Records of any asset sold or transferred in the last 5 years and of repayments to creditors in the last 2 years
- Utility, phone, school and medical bills supporting your monthly expenses
What happens after you submit it?
Your statement is reviewed by your trustee. The Insolvency Office says that after filing you attend its office to work out your monthly instalment, which is paid into your bankruptcy estate. Its information sheet explains that the trustee sets your monthly contribution and target contribution by reviewing your income and the expenses needed for you and your family. This is why the income and expense figures in your statement matter so much: an inflated expense list will be questioned, and an understated one can leave you with a contribution you cannot sustain.
Under section 332(4), the Official Assignee may also:
- release you from the duty to submit a statement;
- extend the time for submitting it; or
- direct you in writing to submit supplementary information to make it complete, within 21 days after the direction.
If a private trustee is acting, section 332(9) requires the trustee to notify the Official Assignee of the administration date and give it a copy within 30 days of receiving your statement. Under section 332(7), anyone who claims in writing to be your creditor may inspect the statement and take copies on paying the prescribed fee. Assume your bank and your former business partners can read it.
What if the statement is late, wrong or incomplete?
Section 332(6) makes it an offence to fail to submit the statement or supplementary information without reasonable excuse, to submit a non-compliant statement, to submit one you know or believe is false, or to submit one that is misleading in a material particular or contains a material omission. The penalty is a fine of up to S$10,000, imprisonment of up to 2 years, or both, with a further fine of up to S$200 a day for a continuing offence after conviction.
If you are running out of time, ask for an extension in writing before the 21 days end, explaining what is missing. If you find an error after submitting, tell the trustee promptly and correct it as supplementary information rather than waiting to be asked.
Example: a guarantor whose company is in liquidation
Example (hypothetical): Daniel owned 60% of a Singapore trading company and personally guaranteed its bank facility. The company was wound up and the bank obtained a bankruptcy order against Daniel on the guarantee. He has 21 days to file.
In his statement, Daniel declares the bank’s guarantee claim and his credit cards as liabilities, and his personal income tax as a preferential debt. Under assets, he lists his 60% shareholding at an estimated nil value, explaining that the company is in liquidation, and declares a S$85,000 credit balance on his director’s loan account as money owed to him by the company, noting that he has filed a proof of debt with the liquidator. He discloses that he transferred his car to his wife 3 years ago and that he repaid S$20,000 to a friend 14 months before the bankruptcy application. He uploads the company’s loan ledger, his bank statements and the transfer documents. When the trustee later asks about the car and the repayment, the answers are already on file.
Frequently asked questions
Do I need to declare shares in a company that is being wound up?
Yes. Your shares are your property even if they are probably worthless. Declare them, give your best estimate of value and explain the company’s status. Leaving them out because they have no value risks a material omission.
What if I do not know the exact amount of a debt?
Give your best estimate, say that it is an estimate and explain how you reached it, for example from the last bank statement or demand letter. Creditors will prove their actual debts separately. An honest, explained estimate is better than a blank or a guess presented as fact.
Can I still act as a director while I prepare the statement?
Not without permission. Under section 148(1) of the Companies Act 1967, an undischarged bankrupt who acts as a director or takes part in managing a corporation without the Court’s permission or the Official Assignee’s written permission commits an offence. Any permission must be lodged with ACRA within 14 days.
Will my creditors see what I declare?
Yes, if they ask. Anyone who claims in writing to be your creditor may inspect the statement and take copies on paying the prescribed fee.
Does filing the statement start the clock towards discharge?
Your bankruptcy runs from the order, but your cooperation, including a complete and timely statement, affects how your trustee views your case. The Insolvency Office states that regular contributions and good conduct allow the trustee to recommend discharge sooner. Our guide to bankruptcy annulment explains the other ways a bankruptcy can end.
The full text of section 332 is on Singapore Statutes Online, and the Insolvency Office explains a bankrupt’s duties on its page on the impact of bankruptcy.
Need help with your statement of affairs as a bankrupt?
We can help you fill in your bankrupt’s statement of affairs by gathering your bank statements, reconciling your company’s director’s loan account and creditor balances, and compiling the asset, liability and disposal details from your records for submission to your trustee.
If your company, or you as a director or shareholder, is dealing with personal bankruptcy after a guarantee was called, contact the Raffles Corporate Services team at [email protected] or on WhatsApp at +65 8501 7133 or +65 9018 0072. We will help you understand the documents and deadlines. Where your matter needs a lawyer, we will refer you to a firm on our panel of Singapore law firms that regularly handles personal insolvency and bankruptcy. Raffles Corporate Services is a corporate services provider, not a law firm, and this article is general information, not legal advice.
Rachel Sim, Raffles Corporate Services