The Simplified Insolvency Programme (SIP) has been instituted to facilitate the restructuring or liquidation of micro and small companies (MSCs). The SIP was ushered in by the Insolvency, Restructuring and Dissolution (Amendment) Act 2020 (IRDA Amendment Act), with the relevant provisions recently commencing on 29 January 2021. It modifies the Insolvency, Restructuring and Dissolution Act (IRDA) which itself entered into force only on 30 July 2020 (See The Insolvency, Restructuring and Dissolution Act 2018 A New Chapter in Singapores Insolvency Laws).
What is the SIPs purpose?
The SIP is in fact part of a suite of measures to help MSCs in view of COVID-19. It provides simpler, faster and lower-cost processes for:
- Debt restructuring
- W…
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