YOUNG entrepreneurs and small-time debtors drawing a regular wage both stand to gain from the amendments to the Civil Law and Bankruptcy Bills passed by Parliament yesterday.

To help wage earners repay their loans, instead of being taken to court and made bankrupt, those with debts of up to $100,000 will be given up to five years to settle the debt.

Senior Minister of State for Law Ho Peng Kee said the debt repayment scheme seeks a 'win-win outcome' for not just debtors - who have a shot at avoiding the stigma of bankruptcy - but also creditors.

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