Distressed micro and small companies will be able to restructure their debts quickly to deal with the economic impact from the pandemic, with help from a new scheme.
The Simplified Insolvency Programme (SIP), which also includes processes to help companies which are no longer viable to wind up efficiently while maximising returns to creditors and company stakeholders, was introduced as part of changes to the Insolvency, Restructuring and Dissolution Act yesterday.
Presenting the Bill for debate in Parliament, Second Minister for Law Edwin Tong said the proposed amendments provide temporary processes that benefit company stakeholders such as employees, creditors and shareholders by reducing the time needed for both restructuring and liqu…
Read the full article at: https://www.straitstimes.com/singapore/politics/simplified-lower-cost-insolvency-processes-for-firms