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Debt Collection in Singapore
A presentation brought to youby Lawyers-Singapore.com
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The Legislation on Debt Recovery in Singapore >>
• The only legislation referring to companies in Singapore with late payments is the Insolvency Law.
• According to the Insolvency Law, most debt proceedings are conducted in Court.
• Our Singapore lawyers are specialized in various legal areas and can represent you in Court in any litigation case.
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>> The Legislation on Debt Recovery in Singapore
• Singapore does not have a specific legal framework regarding how debt collection proceedings should be handled.
• The reason why Singapore does not have a specific legislation on debt collection is because this city-state has a good payment culture, late payments being registered rarely.
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Types of Debt Recovery in Singapore
• The debt collection procedure in Singapore implies two phases:
amicable settlement;
court proceedings.
• Our attorneys in Singapore can provide you with legal counseling in debt collection procedures.
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Amicable Settlement in Singapore >>
• The first step towards debt recovery in Singapore is an amicable settlement between parties.
• It is very important to verify the debtor’s solvency status because if an insolvency procedure has commenced, debt recovery is no longer possible.
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>> Amicable Settlement in Singapore
• If debt collection is possible the first step would be to notify the debtor about the outstanding amount by sending out dunning letters.
• If the debtor does not respond to the dunning letter, a collection officer may visit the debtor for an amicable settlement.
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The Structure of the Legal System in Singapore
• Singapore’s legal system is comprised of State Courts that comprises the following judicial entities:
Magistrate Court;
District Courts;
Supreme Courts (that is made up of the High Court and the Court of Appeal).
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Court Proceedings for Debt Recovery in Singapore >>
• When it comes to debt recovery proceedings, the court judging the case will depend on the amount of money to be recovered.
• Therefore, for debts not exceeding 10,000 S$ the plaintiff may file a petition with the Small Claim Tribunal.
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>> Court Proceedings for Debt Recovery in Singapore
• Civil cases with debts that do not exceed 60,000 S$ are handled by the Magistrate Court, while cases in which the debt ranges between 60,000 S$ and 250,000 S$ will be handled by District Courts.
• The High Court will rule in cases where the amount to be recovered exceeds 250,000 S$.
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The Phases of the Court Proceedings in Singapore >>
• The first step in order to recover a debt in Singapore will be sending a demand letter for the debtor to pay the outstanding amount and the late payment interests.
• The creditor will file a writ of summons served by the court to the debtor.
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>> The Phases of the Court Proceedings in Singapore
• The debtor will then have from 8 to 14 days to file a defense.
• Based on that the court will examine both parties’ evidence and makes a decision.
• If you are dealing with debt recovery in Singapore our local lawyers can help you recollect a debt in this city-state.
• All you have to do is to contact our law firm in Singapore.
Thank you for your attention!
(+44)203-287 0408
http://www.lawyers-singapore.com/
• For more information please contact us at:
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