Right of set off singapore law
WebMar 8, 2024 · The case in question is CIMB Bank Bhd v.World Fuel Services (Singapore) Pte Ltd [2024] SGCA 19. The decision was delivered on 5 March 2024 by the Singapore Court … WebThe Court of Appeal in Koh Lin Yee v Terrestrial Pte Ltd [2015] SGCA 6 (“Koh Lin Yee”) has decided that a contractual clause excluding a right of set-off is subject to the requirement …
Right of set off singapore law
Did you know?
WebSep 20, 2024 · From Constantinople to Your Construction Project: A Brief History of Setoff. The right of setoff has an ancient pedigree. Roman law, as set out in Justinian’s sixth-century Corpus Iuris Civilis, established the right of a creditor to set off an outstanding debt before paying the creditor’s own debt. That principle avoided the earlier, more tedious … WebOct 26, 2024 · The Defendants did not have a right to set-off against the charged assets (ie the tolling fee debt, the final payment amount debt, and the Set-Off Agreement debt) as the mutuality requirement of insolvent set-off was not satisfied – the Defendants’ claims (ie the feedstock debt) were qua JAC, whereas the equitable interest of the charged ...
WebSample Clauses. Right of Set-off. Upon (i) the occurrence and during the continuance of any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Agent to declare the Notes due and payable pursuant to the provisions of Section 6.01, each Lender and each of its Affiliates is ... WebSECTION 1 INTRODUCTION A. Concurrent administration of Equity and the common law 18.1.1 Singapore, being a former British colony, has inherited the common law legal system. One of the unique features of the common law model is the dualism which is inherent in the legal system. Common law legal systems are largely precedent-based and the precedents …
Webthe CCAA to allow for the law of set-off to apply, using language similartothat in the BIA and somewhat similar to that in the WURA. The set-off provision in ... A debtor’s right to reduce the amount of a debt by any sum the creditor owes the debtor; the counterbalancing sum owed by the creditor [. . .]; 3. The balancing of mutual liabilities ... WebApr 14, 2024 · Currently, in Singapore, there is no overarching law that statutorily protects retrenched workers. The benefits upon retrenchment depend on the company’s policy of severance package and retrenchment benefits as well as your terms of contract of employment. The terms in the employment contract outline the details of the employment …
WebJan 1, 2024 · A Q&A guide to restructuring and insolvency law in Singapore. Mortgages are taken as security over debts; they do not operate as a transfer of the ownership in the land or other property mortgaged (section 68, LTA).The mortgagee has the power to exercise its right to sell the property if the mortgagor fails to repay the debt or discharge its obligation.
WebMar 26, 2024 · Set-off. It must be recalled that WFS’ case was that the 2014 Offset Agreement governed the Subject Invoices and that it was thus entitled to a right of set-off. At the hearing below, the learned JC rejected … tennis single backhandWebFeb 17, 2015 · The first loan agreement included a “no set-off” clause at clause 12.2, which stated: “All payments to be made by [Allgo Marine] or [Mr Kok Lin Yee] to [Terrestrial] under this Agreement ... trial pcks dog foodWebRight to Set Off definition. Right to Set Off. definition. Right to Set Off has the meaning specified in Clause 11.2.3. Right to Set Off means a legal clause that gives a lender the … trial period expired: joint push pullWebInsolvency set-off. The rules of insolvency set-off are mandatory and may not be varied by contract. Where a creditor proves in a liquidation, administration or bankruptcy, an … trial period for schedule aWebJan 27, 2024 · Defence, set-off or counterclaim available if the third-party had been a party to the contract. As for the third situation contemplated by section 4(4) of the CRTPA, the promisor has a defence, set-off or a right to counterclaim against the third-party, that would have been available to him if the third-party had been a party to the contract. trial period and probationary periodWebSingapore (/ ˈ s ɪ ŋ (ɡ) ə p ɔːr / ()), officially the Republic of Singapore, is an island country and city-state in maritime Southeast Asia.It is located about one degree of latitude (137 kilometres or 85 miles) north of the equator, off the southern tip of the Malay Peninsula, bordering the Strait of Malacca to the west, the Singapore Strait to the south, the South … trial period for hbomaxWebMay 7, 2024 · “Security” has a broad definition, and includes “any mortgage, charge, lien or other security” (section 248, IA) but is unlikely to include the exercise of a right of set-off. It is unclear what constitutes taking a “ step ”, although it may include taking preparatory actions in relation to enforcing security. trial period for flexible working