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As business and commerce becomes increasingly cross-border in nature, it is important for businesses to have knowledge of restructuring and insolvency regimes of foreign jurisdictions. This is particularly relevant in the Southeast Asia region, given the close connection and links amongst the Southeast Asian states.
In this publication, we take a broad look at the key areas of interest in the restructuring and insolvency regimes across the region. The comparative overview covers various differences and similarities in the respective restructuring and insolvency frameworks in these jurisdictions.
Rajah & Tann Asia, as a regional network of law firms, has an established presence across Southeast Asia. Our regional offices have the requisite restructuring and insolvency expertise to assist with your queries and restructuring and insolvency needs across these jurisdictions.
The Monetary Authority of Singapore has announced a set of relief measures meant to ease the financial strain on small and medium enterprises ("SMEs") in Singapore. Such relief measures include support for SMEs to defer the payment of principal on their secured loans and the provision of loans to SMEs at potentially lower interest rates. Furthermore, on 7 April 2020, the Parliament passed the COVID-19 (Temporary Measures) Act 2020, which provides for support and protection for SMEs which are unable to perform their obligations under scheduled contracts due to the ongoing COVID-19 outbreak.
Such measures include a six-month moratorium period starting from 20 April 2020 during which SMEs are provided broad protection against legal action and enforcement of security in respect of certain scheduled contracts and temporary modifications to the insolvency regime to limit certain insolvency proceedings.
This Update discusses the relief measures relating to SME loan financing obligations amid COVID-19.Singapore | Banking & Finance | 20 April 2020
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