Contract Act (Cap. 53): Primary legislation governing contract formation, validity, and enforcement in Singapore. Establishes requirements for valid consideration and contractual obligations.
Banking Act (Cap. 19): Regulates banking institutions and financial transactions in Singapore. Relevant for loan agreements and their modification or termination.
Moneylenders Act (Cap. 188): Governs licensed moneylenders and related loan transactions. Must be considered if the loan forgiveness involves licensed moneylenders.
Financial Advisers Act (Cap. 110): Regulates financial advisory services and may be relevant if the loan forgiveness involves financial advice or restructuring.
Income Tax Act (Cap. 134): Addresses tax implications of loan forgiveness, as forgiven debt may be treated as taxable income under Singapore tax law.
Stamp Duties Act (Cap. 312): Establishes requirements for document stamping and associated duties for legal documents in Singapore.
Bankruptcy Act (Cap. 20): Governs bankruptcy proceedings and must be considered to ensure loan forgiveness doesn't violate bankruptcy provisions.
Insolvency, Restructuring and Dissolution Act 2018: Modern legislation governing corporate and individual insolvency, relevant for ensuring loan forgiveness compliance with insolvency laws.
Limitation Act (Cap. 163): Sets statutory time limits for enforcing loan agreements and related actions, affecting the timing of loan forgiveness.
Personal Data Protection Act 2012: Regulates the collection, use, and disclosure of personal data in Singapore, relevant for handling personal information in the agreement.
Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act: Contains anti-money laundering provisions that must be considered in loan forgiveness transactions to ensure compliance with AML requirements.
