Singapore Law For Credit Agreements

The CA provides for an automatic moratorium in the event of the adoption of an interim order for liquidation or liquidation. Notwithstanding the moratorium, secured creditors may enforce their security in an interim liquidation or liquidation. 11.9.3 A creditor or financier „secured“ by quasi-guarantees may apply the relevant contractual provisions to ensure payment. As mentioned above, certain quasi-secured arrangements may entail the application of legal requirements where non-compliance is likely to affect the third-party effectiveness and priority of the creditor`s rights (see point 11.5.9 above). 11.5.7 Finance companies are the usual providers of „loans“ through leasing. As a rule, the tenant chooses the equipment he needs and asks the financial company to buy the equipment from the supplier. The finance company would enter into a funder with the tenant after the supplier purchased the equipment. 1. This Chapter deals with the right to borrow or credit to a person (consumer credit) or business (trade credit) 11.1.1 This chapter deals with the right of debt financing or credit to a person (consumer credit) or business (trade credit). Singapore`s law in this area is essentially based on English law.

The concepts of common law, i.e. law established by previous court decisions, have generally been followed and applied by Singaporean courts, unless they have been modified by local laws. Hence the references to the common law in this chapter. 1. Loans may be obtained on unsecured financing, secured credit or quasi-secured terms See question 8.1 above. In addition, creditors may request notice of seizure or seizure of the debtor`s assets. 11.2.9 Sales credits granted by suppliers of goods or services are not regulated by law. The provider is not considered a lender of funds under the Law on the Lending of Funds (see point 11.2.3 above).

Loans for sale granted by credit or credit card agencies do not fall within the scope of the Moneylenders Act (see section 11.2.3 above), but are subject to Part VIII of the Banking Act and the provisions adopted pursuant to section 78(2) of that Act. 1. Attachment shall relate to the creation of security to enable the creditor to enforce the law 11.9.1 A creditor or financier who has received an effective security is entitled to take care of the asset or property.