Singapore legislation
Regulation 26
of Insolvency, Restructuring and Dissolution (Debt Repayment Scheme) Regulations 2020
Regulation 26
Modification of debt repayment plan
Subregulation 1
A debtor or creditor who makes a request to the Official Assignee under section 295(1) of the Act for the modification of a debt repayment plan in respect of the debtor must pay the appropriate fee.
Subregulation 2
Before the Official Assignee modifies a debt repayment plan under section 295(1) of the Act in respect of a debtor, the Official Assignee must consider —
whether there has been a change in the monthly income or expenditure of the debtor; and
whether the debtor is employed.
Subregulation 3
Where a debtor requests that a modification be made by the Official Assignee to the debt repayment plan in respect of the debtor by reason of a material change in the debtor’s circumstances, the Official Assignee may require the debtor to provide proof of such change.
Subregulation 4
The Official Assignee may modify a debt repayment plan by doing all or any of the following:
increasing or reducing the total debt to be repaid by the debtor under the debt repayment plan;
increasing or reducing the amounts to be paid periodically by the debtor under the debt repayment plan;
including a proved and admitted debt of a creditor not previously bound by the debt repayment plan;
extending the repayment period of the debt repayment plan subject to section 295(6) of the Act;
reducing the period of the debt repayment plan.