Question: We are Singapore company incorporated under the laws of Singapore (hereinafter referred to us “the Financier”), to act for them in the preparation of the security documents for the Facilities granted by them to the Customer namely a Singapore registered company.
The said Facilities is inter alia to be secured by an Individual Guarantee given by a Vietnamese citizen (hereinafter referred to us “the Foreign Security Party”), who is also one of the Directors of the Customer.
The Financier have instructed the Foreign Security Party to obtain Written Legal Opinion from a firm of solicitors (from country of origin ie Vietnam) addressed to the Financier on the following:-
a) the validity and enforceability of the relevant security provided by the Foreign Security Party
b) confirmation that the Foreign Security Party is not a bankrupt, a citizen of that country and/or that he has the powers and authority to execute the Letter of Offer and/or the relevant Transaction Documents and/or Security Documents;
c) that the documentation is in order, that all conditions precedent have been fulfilled, and that it is in order for the Financier to disburse the Facilities; and
d) The relevant security provided by the Foreign Security Party, if any, and each of the Letter of Offer and the Security Documents is not ultra vires or in contravention or any applicable law and is legal, valid and enforceable.
Further, the Financier also have instructed the Customer to obtain an official bankruptcy search from the country of origin ie Vietnam which shows that the foreign security party is not adjudged bankrupt as at the date thereof.
The legal opinion & bankruptcy search are crucial to enable the Financier to allow the utilisation of the facility by the Customer as soon as possible.
We would like to get your quotation/ fee estimate on the preparation of the legal opinion and bankruptcy search which we will then forward to the Customer for their approval.
As the relevant documents are strictly private and confidential, we shall forward the same to you only upon your request for it. Kindly contact us should you need any documents/ clarification.
Answer: I am Lawyer of SB Law. I was entrusted to provide you legal advice regarding to the matter below.
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