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…

As we previously reported, the amendments made to the Singapore Companies Act (Companies Act) are part of Singapore’s efforts to become a hub for the restructuring of troubled companies in Asia.  This is the first in a series of articles that will explore in more detail some of the key changes that Singapore made to its restructuring regime, which now blends aspects of a UK scheme of arrangement with US chapter 11 concepts.