The Letter of Intent for Business Closure is a crucial preliminary document used when a company in Singapore plans to terminate its operations. It serves as an official notification to all stakeholders and helps initiate the formal closure process. This document typically includes details about the reasons for closure, timeline, employee arrangements, asset disposal plans, and creditor settlements. Under Singapore's regulatory framework, this letter helps ensure compliance with various statutory requirements and provides a structured approach to business cessation.
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1. Date and Parties: Identification of the business entity and relevant stakeholders
2. Purpose Statement: Clear statement of intent to close the business
3. Closure Timeline: Proposed dates for cessation of operations and key milestones
4. Financial Status: Current financial position and outstanding obligations
5. Employee Matters: Plan for employee termination, notice periods, and settlements
1. Asset Disposal: Plan for disposing of business assets and property
2. Creditor Settlement: Plan for settling outstanding debts and financial obligations
3. Customer Transition: Plan for handling existing customers and service commitments
4. Legal Compliance: Specific regulatory requirements and compliance matters
5. Data Management: Plan for handling business records and personal data
1. Schedule A - Financial Statement: Current balance sheet and profit/loss statement
2. Schedule B - Employee List: List of affected employees and their entitlements
3. Schedule C - Asset Inventory: Detailed list of business assets and their status
4. Schedule D - Creditor List: List of creditors and outstanding amounts
5. Schedule E - Regulatory Checklist: Checklist of regulatory requirements and compliance status
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