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Corporate insolvency, restructuring, and recovery in the COVID-19 world - part 1 There is little doubt that the COVID-19 pandemic has contributed to the present economic recession in Singapore and elsewhere. Even absent the pandemic, however, data from the Ministry of Trade and Industry and the Ministry of Law from mid to late 2019 portended a recession in the near future. The Ministry of Law's 23 July 2020 announcement that the Insolvency, Restructuring, and Dissolution Act of 2018 ("Act") would come into force on 30 July 2020 is therefore much welcomed. This article provides a brief overview of two major changes brought about by the Act, particularly in light of the modifications to the Act brought about by the COVID-19 Temporary Measures Act of 2020 ("COVID-19 Act") and constitutes part 1 of our multi-part series on corporate insolvency, restructuring, and recovery in the COVID-19 world. Please click here to find out more. Fortitude Budget to help businesses and individuals adapt and build resilience amid the COVID-19 pandemic Singapore's Fortitude Budget was presented on 26 May 2020 and complements the Unity, Resilience and Solidarity Budgets to help businesses and individuals adapt and build resilience amid the COVID-19 pandemic. Please click here to find out more. Fortitude Budget - rental relief framework for small and medium enterprises in Singapore An extraordinary effort in an extraordinary time to catch every segment of the social and economic fabric of Singapore. That sums up the four Budgets that have been announced in the Singapore Parliament from February to May 2020. Supplemental Budget Statements have been issued along the way to further enhance the measures announced in the main Budgets. Buyers of residential properties from private developers and the HDB are now afforded relief from hardship caused by COVID-19. Another segment that will receive more help are the Small and Medium Enterprises (SMEs). Why SMEs? Read on to find out why, and what constitutes an SME, what additional help is available and how to tap on that additional help under the fourth and latest (Fortitude) Budget. Please click here to find out more. S$6 million grant scheme available to Singapore FinTech firms On 13 May 2020, the Monetary Authority of Singapore ("MAS"), the Singapore FinTech Association ("SFA") and the AMTD Group and AMTD Foundation (collectively, "AMTD") jointly launched the MAS-SFA-AMTD FinTech Solidarity Grant ("Grant") catered towards Singapore-based FinTech firms during this period of uncertain business landscape consequent upon the COVID-19 pandemic. Please click here to find out more. Lodgement of the Register of Registrable Controllers with ACRA Keeping in line with international practices, the Accounting and Corporate Regulatory Authority ("ACRA") of Singapore will require all companies incorporated in Singapore, foreign companies and limited liability partnerships incorporated or registered in Singapore ("LLPs") to file and maintain a Register of Registrable Controllers ("RORC") with them. Initially scheduled to come into effect in May 2020, this requirement has been deferred to July 2020 in light of the Covid-19 pandemic. Certain entities such as listed companies and Singapore financial institutions, and their respective wholly-owned subsidiaries, are exempted from the RORC requirement. Please click here to find out more. Public consultation on proposed amendments to the Companies Act The Accounting and Corporate Regulatory ("ACRA") is currently seeking public feedback on the proposed amendments to the Companies Act ("CA") from the period 20 July 2020 to 17 August 2020. The amendments are proposed by the Companies Act Working Group ("CAWG") set up in 2018 by ACRA to review the CA periodically. The CAWG comprises local and international members from various law firms, industry regulators and associations. Please click here to find out more. Indonesian investment updates - A quick introduction to Indonesian labour law Whether your investment into Indonesia is to take the form of an acquisition or the incorporation of a new joint venture company, Indonesian Labour Law applies and must be complied with. This article provides you with a brief overview of Indonesian Labour Law and how it may apply to you and your investment. Please click here to find out more.
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CNP Press Releases Would you like to receive CNPLaw's latest news and deal announcements on a regular basis? Register your interest here. News CNPLaw LLP announces its Chief Business Development Officer, Mr Benjamin Pwee Deals CNPLaw LLP acted as lead counsel for the successful launch of Maiora Renewables Fund II CNPLaw LLP advised Smith Tan Asia Phoenix Fund on Fund Terms CNPLaw LLP acted as lead counsel for the successful launch of Dios AM Hessian Matrix Global Fund SP CNPLaw LLP acted as lead counsel for the successful launch of RV Capital Opportunities VCC CNPLaw LLP acted as lead counsel for the successful launch of Annexe Fund VCC CNPLaw LLP advised on strategic Singapore joint venture in marine shipping industry Pison Investments assures Hyflux's P&P Holders of intention to engage with them CNPLaw LLP advised a Singapore online e-commerce platform operator on its series B fundraising CNPLaw LLP advised a Singapore private real estate fund on its joint venture Editor Bill JAMIESON Production team Joel LAW Jacqueline CHEOW Menes STA ANA Contributors Bill JAMIESON Cinda SIM Jimmy YAP QUEK Li Fei TAN Min-Li Daphne TAN Sean TAN Timothy TAN Andrew ENG Featured contributor  Daphne TAN Associate [ More About Her ] This update is provided to you for general information and should not be relied upon as legal advice. For more information please contact us via contact@cnplaw.com |
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