SINGAPORE – Small and micro companies that have been hit hard by the Covid-19 pandemic and need to restructure their debts to stay viable or wind up their businesses can apply for support to do so under a new programme from Friday (Jan 29).
Applications for the Simplified Insolvency Programme (SIP) will be open until July 28 and the period may be extended if the need arises, the Ministry of Law (MinLaw) said on Thursday.
The SIP consists of two separate programmes which eligible companies can apply for.
One is the Simplified Debt Restructuring Programme (SDRP) for the restructuring of debts and the potential rehabilitation of viable businesses.
The other is the Simplified Winding Up Programme (Swup) for the orderly winding up of non-vi…
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