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Bankrupty is a slow process

Contrary to what many people expect, the court does not want to make people bankrupt. Sounds totally weird, but understandable that being. a bankrupt means leading a very restricted lifestyle for the next 5 to 7 years. So what causes the delay? 1️⃣ If the total debt is below $150,000, the co

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There is nothing to fear about a lawyer's letter!

A lot of people start to stress out when they get a letter of demand. Understandable especially when there is a threat to sue. From a professional perspective, it's actually quite useful to get one. 🌲 You know what the other party's position is 🐍 If they try to change positions later,

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Did Cotton On really close?

There has been some confusion about whether Cotton On outlets are really closing in Singapore. Short answer: business as usual. The media got wind that a Cotton On entity was undergoing members voluntary liquidation. That means that this particular company is being closed down by its shareholder

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🚩 Does your contract have an arbitration clause?

Such clauses are becoming more common, even though most people don't need them. Let's get down to the key features of arbitration: 👩‍⚖️ Pick your own judge 📜 Pick your own governing law, procedure and place to conduct the proceedings 🤐 Keep the proceedings confidential The proble

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Surefire way to lose money

In this day and age I still get people tell me they didn't read the agreement before signing, and they want me to help them get out of it. That's like putting spilled water back in the bucket. Practically, the only people who can get out of a signed contract are illiterate grandmothers w

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How I knew family law was not for me

I decided very early on in my first year that I wouldn't do family law because of one outing. I had accompanied a senior lawyer to a family mediation. I was excited to see alternative dispute resolution in action after hearing so much about it during the Bar course. However I knew it was

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"Why does a lawyer need to network?"

Many juniors are horrified to learn that they eventually have to generate business in order to stay in the industry, and eventually quit because they cannot stand the thought of having to do so. It's nobody's fault. 1️⃣ What kind of people become law school students? Those who spent m

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Get paid after getting judgment

Most people think the court gives them judgment and gets the other side to pay up. Unfortunately the second part is not automatic. While there are many options, the one that I recommend the most is attachment. Without going into the technical details, usually that means getting money straight fr

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There is no such thing as guaranteed returns

Many people are concerned about fighting inflation and find ways to grow their money. But investing money into a small private company is very different from buying into financial instruments. By default, a person who pays money and get shares can't get the money back without some other agre

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Even judges copy homework??

2 men got charged for but found not guilty of trying to bribe LTA officers. On appeal, the Chief Justice invalidated the trial judge's decision because he looked like he copied lawyers arguments without thinking through them. i imagine the prosecutors now finally understand what it feels lik

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What termination rights do you have?

Nothing lasts forever, especially relationships based on a contract. But for some reason people don't like to think about breakups, and leave a gaping hole in the contract. Usually I think of termination from a few general angles: 1️⃣ Who has the right to terminate (watch out if only one si

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I almost couldn't become a lawyer

Imagine not getting a job after graduation which everyone else got at least a year before, and knowing without this job, you can't get qualified. At that time I couldn't understand what was going on. My grades were above average, I had done internships like everyone else and I had been

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A milennial lawyer's work-life balancing act

Lawyers have a reputation for being constantly on the clock and having their nose to the grindstone constantly. That goes out of the window when you have kids. Sure, some of us might earn enough so that our significant others don't have to work. But not all women are happy to stay at home, a

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Got a share buyout for my client before CNY

Picture this: - you start a business overseas - but you get stuck in your home country during Covid - when you come back to the company, a lot of monkey business has happened - and nobody is owning up. That's what happened to a Malaysian client. Naturally, she wanted out, but nobody was

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How to do business with your friends

Many people say friends and money don't mix. I say where money is concerned, friends can stay as friends if they don't start on the basis of being friends. What do friends do? Trust each other implicitly without asking too many questions. That's perfectly fine when it comes to small

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Lawyers ordered to pay for AI hallucination

The Singapore courts have ordered a party to pay costs for using AI and citing cases that don't exist, but this time the hammer went down on the lawyers themselves. In this case, the main lawyer got another lawyer to draft written arguments, which the 2nd lawyer apparently let his paralegal

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This one tip will change your negotiations

It's important to know what motivates the other side, so that you can find a solution which they can apree to. People usually try to find out the underlying reason by asking "why". "Why do you want to sue me?" "Why do you want this much money?" "Why won't y

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So many startups in the bottom category

Starting up is definitely not easy. Managing overheads is a top priority, and usually funds go first to rent, salaries and marketing. Many times, a handshake or a few messages is enough to close the sale or begin the partnership. It's perfectly legitimate to take risks, provided one can calc

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Why I left BNI

Many entrepreneurs would have come across Business Network International at some point. I was one of them back in 2018, having been invited (and then left hanging - but that's another story) and joined a chapter to meet at 7.30am every Wednesday. It was a chapter of 20 people and I was the o

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Walking away from a bad deal

Pro tip: this only happened because I got to see the contract before the client signed it. A client providing corporate services received an offer to buy out their business for 6 digits. Who wouldn't want a chance to retire early with cash in hand? The money looked good. They were alrigh

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BG the Business Lawyer

boongan.ng

boongan.ng

linkedin.com/in/boon-gan-ng-02526a54

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Business lawyer for more than 10 years here to share knowledge and experience