Bankruptcy Protection Procedures in Singapore Understanding Bankruptcy Bankruptcy is a legal process through which individuals or businesses unable to meet their debt obligations can seek relief from some or all of their debts. In Singapore, the bankruptcy process is governed by the Insolvency, Restructuring and Dissolution Act 2018 (IRDA), which replaced the previous Bankruptcy Act. … Read more
Understanding Goodwill Goodwill is an intangible asset often encountered during business acquisitions. It represents the excess amount paid over the fair market value of identifiable assets and liabilities. In Singapore, goodwill is not recorded on the balance sheet unless it arises from a transaction, such as the acquisition of a company. According to the Singapore … Read more
Setting Loan Collateral and Legal Requirements in Singapore Understanding Collateral In the context of financing, collateral refers to an asset that a borrower offers to a lender as security for a loan. If the borrower fails to meet the obligations of the loan, the lender can seize the collateral to recover the borrowed amount. In … Read more
Understanding Revenue Transfer Revenue transfer, often referred to as income shifting, is an essential concept in the realm of taxation and business operations in Singapore. It involves the allocation of revenue and expenses between closely related entities to either maximize tax benefits or adhere to legal requirements. The Singaporean legal framework is stringent when it … Read more
Introduction to Overseas Asset Management Managing overseas assets can be a complex but rewarding endeavor for Singaporeans. With globalization, individuals and businesses are increasingly investing in foreign properties, securities, and other assets. However, understanding the legal requirements and tax implications is crucial to maximizing your returns while remaining compliant with Singaporean laws. Singapore’s legal framework, … Read more
Introduction to Maritime Law Maritime law, often referred to as admiralty law, governs private maritime disputes and offenses. In Singapore, maritime law is a critical cornerstone due to its strategic location and status as a global maritime hub. The legal framework in Singapore is robust, ensuring that the rights and responsibilities of all parties involved … Read more
Introduction to Singapore Arbitration Arbitration in Singapore has gained significant traction over the years, positioning the city-state as a leading arbitration hub in Asia. The arbitration framework in Singapore is primarily governed by the Arbitration Act (Cap. 10) for domestic arbitration and the International Arbitration Act (Cap. 143A) for international arbitration. These laws are in … Read more
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Understanding Capital Reduction In Singapore, capital reduction is a process by which a company reduces its share capital. This is often done to return surplus capital to shareholders, cancel shares, or write off accumulated losses. Governed by the Singapore Companies Act (Cap. 50), capital reduction requires careful compliance with legal procedures to ensure the protection … Read more
Understanding the Code of Ethics In Singapore, the Code of Ethics serves as a fundamental guideline for professionals across various industries, including law, accounting, and finance. The Code of Ethics is designed to enforce honesty, integrity, and transparency, thereby safeguarding public interest and maintaining the reputation of the professions. Violations of the Code can lead … Read more