A provisional study on the bankruptcy and entrepreneurship development

• Main Authors: Lim, Denise Sor Leng, Tan, Kim Kim, Yar, King Looi
• Other Authors: Ong Chin Siew, Dennis
• Format: Final Year Project
• Language: English
• Published: 2014
• Subjects: DRNTU::Business
• Online Access: http://hdl.handle.net/10356/59630
• Institution: Nanyang Technological University

The Bankruptcy Act of Singapore was adopted from the English bankruptcy laws during the colonial times. Since then, there were numerous, but minor amendments made to the Bankruptcy Act. However, no major reform was ever introduced. The time has come now to revise our bankruptcy laws as it is no longer able to meet current needs. In view of this, the Bankruptcy Bill was proposed to revise the existing bankruptcy laws. One of the objectives of the Bankruptcy Bill is to create a better environment for entrepreneurship development. There has been an increasing concern about entrepreneurship in Singapore. By revising the existing Bankruptcy Act, the Government hopes to soften the harsh effects of bankruptcy so as not to stifle entrepreneurship. However, revising the Bankruptcy Act alone is insufficient to achieve this objective as the bankruptcy laws only affects entrepreneurs indirectly. Although the Government is actively trying to improve the climate for entrepreneurship development, there is a limit to how much it can do, as there are many other factors which affect entrepreneurship.