The COVID-19 (Temporary Measures) Act (the Act) will have a
considerable impact on the enforcement of certain contracts and
commercial disputes in Singapore for the next 6 to 12 months. The
Act was passed by the Singapore Parliament, and commenced on the
same day, 7 April 2020.
The key measures of the Act are:
- Temporary relief from the inability
to perform contractual obligations under certain contracts if that
inability is materially caused by a COVID -19 event.
- Temporary changes to bankruptcy and
insolvency laws to increase the debt thresholds for winding up and
bankruptcy, and give a safety net to allow businesses to continue
to trade while technically insolvent.
- Allow the conduct of certain
meetings, such as AGMs, to continue using alternative arrangements
other than personal attendance.
