The Singapore Parliament has passed the COVID-19 (Temporary Measures) Act (2020) (the “Act“) to alleviate the consequences that the global pandemic has caused to businesses in Singapore.
The Act provides temporary relief in relation to the breach of obligations under specified contracts and further provides relief to financially distressed individuals and businesses in relation to insolvency proceedings.
To comply with social distancing
directives, the Act also provides for alternative arrangements to conduct
company meetings, introduces measures to keep the courts functioning and allows
the issuance of control orders to prevent the spread of the virus.
In this alert, we provide
an overview of the Act, and analyse the implications for the Banking & Finance,
Construction, Corporate, Intellectual Property and Restructuring and Insolvency
sectors.
To read the full article, please click here.
For more information
or if you would like to discuss how this impacts your business, please do
get in touch with one of the Baker McKenzie contacts listed below.
For the latest regulatory and legal updates in
jurisdictions across Asia Pacific, please refer to our Beyond COVID-19: Resilience, Recovery & Renewal webpage, which
is regularly updated.
