What is the Debt Repayment Scheme in Singapore?
The Debt Repayment Scheme in Singapore, or DRS, is an alternative to declaring bankruptcy for people struggling with debt repayment. The DRS works in a similar way to bankruptcy. An officer from the Ministry of Law’s Insolvency Office, known as the Official Assignee (OA), is appointed by the High Court to administer the debtor’s affairs. The DRS can be a hugely successful option for both debtor and creditor. The debtor...