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Coronavirus (COVID-19) Singapore insolvency reforms COVID-19 (Temporary Measures) Bill

Published on: 14 April 2020
Published by: LexisPSL
  • Coronavirus (COVID-19) Singapore insolvency reforms COVID-19 (Temporary Measures) Bill
  • Raising the threshold for bankruptcy and insolvency
  • Extending the response period to demands
  • Prohibiting certain legal actions against non-performing parties
  • Suspending insolvent trading
  • Uniquely Singapore—Insolvency, Restructuring and Dissolution Act 2018

Article summary

Restructuring & Insolvency analysis: On 7 April 2020, the Singapore Government passed under a Certificate of Urgency the coronavirus (COVID-19) (Temporary Measures) Bill (Bill) in Parliament, in an effort to offer temporary relief to businesses and individuals who are unable to fulfil their contractual obligations due to coronavirus (COVID-19). The temporary relief granted is in five areas—(1) inability to perform contracts (2) financially distressed individuals, firms and businesses (3) conduct of meetings (4) court proceedings, and (5) remission of property tax. Written by Catherine Shen of the Asian Business Law Institute (ABLI). or take a trial to read the full analysis.

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