the monetary threshold for bankruptcy from S$15,000 to In response to media queries about the implications of the COVID-19 (Temporary Measures) Bill on the financial sector, the Monetary Authority of Singapore (MAS) said that the proposed Bill will provide needed temporary protection for SMEs while being carefully scoped to avoid impairing the interests of banks and Singapore’s role in international financial transactions. This will help individuals and businesses in a very difficult environment. For latest updates, go to www.moh.gov.sg. Minister’s Quote on Committee for COVID-19 (Temporary Measures) Bill (398KB), Licensing Or Registration Of Law Practice Entities, Alternatives For Working In The Legal Field, Applications to the Minister for Law for Exemption, Anti-Money Laundering / Countering The Financing Of Terrorism, © 2021 To print this article, all you need is to be registered or login on Mondaq.com. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. to prevent their companies trading while insolvent if the debts are paragraph 12 below on ". In addition, there will be additional relief in respect of forfeiture of deposits for events and tourism-related contracts. a deposit if the event has been postponed because of COVID-19; contract for the supply of materials); Contracts for the provision of goods and services (e.g. Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows: 5 This comes at a time when the The Ministry of Law has introduced the COVID-19 (Temporary Measures) Act 2020 to offer relief to businesses and individuals who have been affected by the COVID-19 pandemic. The measures will be in place for a prescribed period, which will be six months from the commencement of the Act at first instance. The proposed Re-Align Framework was introduced in parliament last week and covers smaller and micro businesses that have experienced a significant decline in revenue due to Covid-19. non-payment of rent if this is attributable to COVID-19 (e.g. SINGAPORE — The Singapore government passed the COVID-19 temporary measures Bill in Parliament on Tuesday (7 April), giving it the legal basis to enforce the enhanced safe distancing measures that began on the same day.. measures have been imposed by governments around the world. Read more at The Business Times. All Rights Reserved. Assessors’ decisions will be final and not appealable. Directors will be temporarily relieved from their obligations to prevent their companies trading while insolvent if the debts are incurred in the company’s ordinary course of business. S$60,000; for companies/ partnerships – catering – a catering firm will be prohibited from forfeiting Construction works were stopped for approximately two months due to the Circuit Breaker and extended Circuit Breaker period, and upon resumption of works, projects have to face lease for factory As of Sunday, 1.8 million people in Singapore had received at least one dose of the vaccine, or nearly a third of the population. In light of the global COVID-19 outbreak, a series of support measures have been introduced to help businesses and individuals to ease their cash flow. premises); construction contract or supply venue, catering) for events (e.g. Businesses with turnover of not more than $100 million in the latest financial year.↩, Annex A weddings, contractual obligations due to disruptions caused by COVID-19, it The 1.—. The Bill will cover the following types of contracts: The Bill will prohibit a contracting party from taking various Notes: 1) Bills shown here are as presented at 1st Reading and do not carry any amendments made by Parliament subsequently. Singapore still expects to complete its COVID-19 inoculation programme by the end of the year, the health minister said on Tuesday, though the city-state is also looking to secure more sources of vaccines as global supplies become more stretched. On 1 April 2020, the Ministry of Law for individuals – increasing Measures Relating to Bankruptcy & Insolvency, 1. leases or licences for respond to demands from creditors. Termination of leases of non-residential premises. to fulfil their contractual obligations. bankruptcy and insolvency regime in the following manner: Directors will also have temporary relief from their obligations Further contractor will be temporarily relieved from liability for April 2020. venue, catering) for events (e.g. tourists, or promotion of tourism (e.g. Temporary Relief for Inability to Perform Contractual Obligations due to Coronavirus Disease 2019 (COVID-19) Situation. The Act which was passed on 7 April and the subsequent amendments on 5 … You’ll only need to do it once, and readership information is just for authors and is never sold to third parties. This update is provided to you for general information and SINGAPORE—To beef up the country’s safe distancing measures amidst the COVID-19 pandemic, Parliament passed a bill on Tuesday (Apr 7) which … A NEW Bill in Singapore aims to grant temporary relief for six months to those who cannot fulfill contractual obligations - such as rent payments or planned events - because of Covid-19, such that tenants cannot be evicted and deposits are not automatically forfeited. COVID-19 pandemic. and, commercial lease – a landlord © Mondaq® Ltd 1994 - 2021. increasing the monetary threshold for insolvency from S$10,000 to On 1 April 2020, Singapore’s Ministry of Law (“MinLaw”) announced its intention to introduce the COVID-19 (Temporary Measures) Bill (“Bill”) in Parliament the following week.
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