Contracts Act (Cap. 53): Primary legislation governing contract formation, validity, and enforcement in Singapore. Essential for ensuring the loan forgiveness letter meets basic contractual requirements.
Civil Law Act (Cap. 43): Fundamental legislation dealing with civil law matters in Singapore, including aspects of contractual relationships and remedies.
Moneylenders Act (Cap. 188): Relevant if the loan involves a licensed moneylender. Regulates moneylending practices and provides protection for borrowers.
Income Tax Act (Cap. 134): Governs tax implications of loan forgiveness, as forgiven debt may be treated as taxable income for the borrower.
Goods and Services Tax Act: May be relevant for GST implications related to the loan forgiveness transaction.
Banking Act (Cap. 19): Applicable when the loan involves banking institutions, governing banking operations and regulations in Singapore.
MAS Guidelines: Monetary Authority of Singapore guidelines that may affect loan forgiveness procedures in regulated financial institutions.
Bankruptcy Act (Cap. 20): Important for considering implications of loan forgiveness in cases involving bankruptcy or potential bankruptcy.
Insolvency, Restructuring and Dissolution Act 2018: Governs insolvency matters and debt restructuring, relevant for loan forgiveness in context of financial distress.
Limitation Act (Cap. 163): Sets time limits for debt collection and enforcement, important for determining validity of the underlying loan.
