Bankruptcy Proceedings In Singapore. Is It Your Last Resort?
Bankruptcy is an individual’s legal status declared by the Singapore High Court. A person or a business may be made bankrupt if the individual or the company cannot repay debts that exceed $15,000. According to statistics, as of September 2018, there are more than 17,000 undischarged bankrupts in Singapore.
When a person is made bankrupt, the Singapore High Court will usually appoint the Official Assignee whose role is to administer the bankrupt’s affairs in bankruptcy. The Official Assignee (OA) is an officer of the Court and acts as the receiver of the bankrupt’s estate.
When Can Someone Terminate A Contract?
A contract is a legal document that binds at least two parties to one another and requires them to meet certain obligations detailed in that contract. In some instances, a contract may be terminated making it void from any legal binding. Often, the contract may be prematurely terminated by parties involved.
Generally, for an aggrieved person to have a right to terminate a contract, the offending party must have breached a term of the contract that is considered a condition as opposed to a warranty.
Legal Advice Can Save You Money And Your Business
A Cost Effective Way To Avoid Risks When Signing Business Contracts For Singapore businesses, engaging a lawyer is always a good idea especially if a matter involves a substantial amount of money or involves substantial risks. For example, if you are about to enter into a large contract it may cost you far less to engage a lawyer to draft/review […]
What Is The Point Of Letter Of Demand?
A letter of demand is a letter issued by a lawyer demanding the performance of some act on your part, usually with a warning that legal proceedings will be commenced against you if you fail to comply.
What To Do When You Receive Writ Of Summons
Writ Of Summons Issued By Singapore Court If you have received a Writ of Summons issued by a Singapore Court where you are named as the defendant, it means that a suit has been commenced against you by the plaintiff. A Writ of Summons is usually served together with a Statement of Claim. The Statement of […]
Why You Need A Civil Litigation Lawyer In Singapore
Before we get into the direct answer whether or not you need a Civil Litigation Lawyer, let us explain the term what does civil litigation means here in Singapore. What Is Civil Litigation?
The Misconception Between IOU And Loan Agreement
If you are thinking about lending some money to someone in Singapore, it is important to have it down in writing if you want to be able to collect your money back later.
There are many different kinds of documents that are used to manage debt, in this article, we will discuss the two most common ways, IOUs and Loan Agreements in Singapore.
WHAT ARE IOUS?
Hiring A Debt Recovery Lawyer Can Actually Benefit You
If you have an outstanding debt owed and you cannot get the money back by yourself, you should always approach a lawyer in Singapore. Lawyers are professionals who are well versed in utilising legal means of recovering your money.
Unlike debt collectors or debt recovery agencies, who pressurises debtors into returning monies owed via intimidation and harassment tactics, more compelling and sure methods are available to civil lawyers in Singapore.