On 21 July 2020, the Minister of Finance, Economic Planning and
Development issued the Insolvency (Extension of Time During
COVID-19 Period) Regulations 2020 (Extension of Time
Regulations) under the Insolvency Act 2009
(Insolvency Act) (GN 163 of 2020).
The Extension of Time Regulations amend sections 237 and 261 of
the Insolvency Act which regulate watershed meetings and the
execution of deeds of company arrangement respectively.
Regarding watershed meetings under section 237 of the Insolvency
Act 2009, the Extension Regulations provide that an administrator
may convene the watershed meeting not later than 17 August 2020
where the time period for convening a watershed meeting has
expired, or fell wholly or partly during (i) the COVID- 19 period
or (ii) a period of 30 days after the COVID-19 period has lapsed.
It is to be noted that the Extension of Time Regulations has
defined the term 'COVID-19 Period' as the period
which started on 23 March 2020 and ended on 01
