Personal Finance
CPF Nomination ends up with Official Assignee due to poor financial planning
By Wilfred Ling, The IFA on Duty  •  November 22, 2011
Central Provident Fund (CPF) monies bequeathed to a bankrupt by a deceased member stands to be seized by the Official Assignee (OA). This is the verdict by the Court of Appeal in the case of Lim Lye Hiang v Official Assignee (Singapore Law Watch). The Straits Times carried the same story available from CPF’s IM$avvy link: HERE. Last year, I wrote a blog on this sad story (available from this link: CPF monies and bankrupt nominees). The case was about Madam Lim Lye Kiang who was a bankrupt when her sister Lye Keow died of cancer in March 2008. Madam Lim, 52, a kitchen helper, had been a bankrupt for 11 years, owing $1.18 million to 13 creditors. The case was unfortunate because the CPF Member had 11 years to change nomination to someone else. This story reminded me of the many scenarios where things can go wrong. ......
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By Wilfred Ling, The IFA on Duty
Wilfred Ling is a Chartered Financial Consultant with Promiseland Independent Pte Ltd. He is a fee-based financial planner by profession.
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