Text size :
WHAT HAPPENS TO SOMEONE WHO GUARANTEED MY
DEBT? A creditor is not prevented from claiming under a guarantee
and recovering payment from the guarantor.
WHAT HAPPENS TO SOMEONE WHO JOINTLY SIGNED A
LOAN AGREEMENT WITH ME? He or she will still be liable for the total amount outstanding
on all debts incurred in your joint names.
CAN A CREDITOR CONTACT ME AND INSIST ON PAYMENT
ONCE THERE IS A RECEIVING ORDER AGAINST ME
OR I AM BANKRUPT? No, the Bankruptcy Act stops creditors from recovering monies
from you. An exception is a secured creditor with whom
you have made arrangements to retain secured property as
described above. If other creditors attempt to recover from
you, tell them about your bankruptcy and advice them to
prove their debts at the Official Receiver’s Chambers.
© Copyright 2012 - 2019 Prime Minister's Office. All Right Reserved.
Powered by IT and E-Government, Prime Minister's Office, Brunei Darussalam