Essay on BSP1004 Tutorial Answer

20963 Words Aug 9th, 2014 84 Pages
Tutorial 1- Introduction to Legal Environment of Business
1a) This is a civil matter as it is a private dispute between S and T which is not harmful to society. The dispute should be resolved through mediation. This is because it is cheaper, faster, more informal, and also private. Most importantly, it creates a win-win situation which will allow S and T to preserve their business relationship and compromise to settle the dispute amicably.
b) This is a criminal and civil matter. It is criminal as theft is against public interest and safety and illegal under Section 379 of the Penal Code. At the same time, it is also a civil matter as breaking into the store and stealing jewellery is a private wrong against the owner of the store.
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The business could have inquired about charges/rates for different firms, or gotten an objective criteria/goal on what the lawyer wants to do and get an estimate based on that.

Tutorial 2- Types of Business Organizations

1a) As a sole proprietorship is not a separate entity, Noh Luc is personally liable for all the debts incurred by the business, which amounts to $170,000 in this case. Some options that are open to his creditors are: 1) Writ of Seizure and Sale, 2) Garnishee Order and 3) Bankruptcy.
Firstly, the creditors can obtain a writ of seizure and sale for Noh Luc’s property in Singapore. A WSS involves the seizure and sale of the judgement debtor’s property pursuant to a court order. Property that can be seized under the WSS extends to movable property such as jewellery and immovable property such as houses and securities such as company shares. In this case, his car and Rolex watch, both of which are movable property, can be seized. Even though his car is used for both business and private purposes, it can still be seized as the WSS is applicable to business assets as well. Under Section 51 of the Housing and Development Act, HDB flats usually cannot be seized by creditors. However, since Noh Luc’s HDB flat is rented, it does not count as his property and hence cannot be seized by the creditors anyway. The same applies for Noh Luc’s rented shop as well. However, it must be noted that WSS is first come first served.

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