In the midst of the COVID-19 pandemic, the Singapore government has introduced the Simplified Insolvency Programme ("SIP"), which seeks to support micro and small companies to restructure their debts or to wind up. The SIP has come into effect on 29 January 2021.
The SIP provides simpler, faster, and lower-cost restructuring and insolvency proceedings for eligible companies. It will be available for application for a period of 6 months from 29 January 2021 to 28 July 2021. In this Update, we highlight some of the key features of the SIP – in particular, we look at the eligibility criteria for the SIP as well as the application process.
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