Simplified insolvency process to help small firms in financial distress to be made permanent

Quick Summary:

The scheme, introduced during Covid-19 as a temporary lifeline, was extended thrice to January 2026.

This will allow companies that are not micro and small companies to also benefit from the programme, MinLaw said.

Other proposed changes include a simpler application process in terms of the documents needed, a more effective administration process and providing more protection to creditors.“MinLaw will continue to review processes and work closely with industry stakeholders to strengthen Singapore’s restructuring and insolvency framework and ecosystem,” the ministry said.

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Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: Simplified Companies Insolvency Minlaw Micro Financial Debt Wind Small Programme Restructure

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-11 @ 21:15:00 (3 days ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 642 words

Reading Time: 4 minutes read

Sentences: 29 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © The Straits Times

News ID: 23516517

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