CNPUpdate - Issue 05 - September 2020

 

Contents
  1. Changes to Singapore work pass requirements

  2. Ministerial statement providing further support for businesses and workers

  3. Wrongful trading under the Insolvency, Restructuring and Dissolution Act 2018

  4. Corporate insolvency, restructuring, and recovery in the COVID-19 world - part 2

  5. COVID-19 relief measure: Duration of alternative arrangements for meetings to be extended to 30 June 2021


Changes to Singapore work pass requirements

The Ministry of Manpower ("MOM") announced on 27 August 2020 that in light of Singapore's weakening job market and uncertain growth outlook, MOM will update the salary requirements for Employment Pass ("EP") and S Pass and the job advertising requirements under the Fair Consideration Framework ("FCF"). These changes, as set out below, seek to support Singaporeans in securing meaningful work while ensuring that Singapore remains open to global talent and a connected hub for international businesses.

Please click here to find out more.


Ministerial statement providing further support for businesses and workers

On 17 August 2020, Singapore Deputy Prime Minister and Minister for Finance, Mr. Heng Swee Keat, gave a Ministerial Statement recognising that the global economy remains weak and more support is required during this period. To that end, the government announced further measures that will be put in place, targeted mainly to protect employment, create jobs and to offer greater support to sectors that have been adversely affected by the COVID-19 pandemic. These measures will be elaborated upon below.

Please click here to find out more.


Wrongful trading under the Insolvency, Restructuring and Dissolution Act 2018

The Insolvency, Restructuring and Dissolution Act 2018 ("IRDA") consolidates Singapore's personal and corporate insolvency, restructuring and dissolution laws into one omnibus legislation. Prior to this, the provisions pertaining to personal insolvency were contained in the Bankruptcy Act, while provisions related to corporate insolvency were contained in the Companies Act. The Bankruptcy Act and the relevant provisions in the Companies Act have since been repealed with the IRDA coming into force on 30 July 2020.

Please click here to find out more.


Corporate insolvency, restructuring, and recovery in the COVID-19 world - part 2

In part 1 of our multi-part series on Corporate Insolvency, Restructuring and Recovery in the COVID-19 world, we outlined two major changes introduced by the long-awaited Insolvency, Restructuring and Dissolution Act 2018 ("Act"). The Act officially came into force two days later, on 30 July 2020. Here in part 2, we explore the manner in which a company may seek to restructure its debts under the Act.

Please click here to find out more.


COVID-19 relief measure: Duration of alternative arrangements for meetings to be extended to 30 June 2021

In view of the continuing COVID-19 pandemic and to minimise physical interactions, the Ministry of Law ("MOL") has announced that entities will be allowed to hold meetings via electronic means up to 30 June 2021 ("Extension"). The Extension will also provide entities with greater certainty when planning meetings.

Please click here to find out more.


 

 

News

Managing Partner, Ms Lisa Theng is recommended by Who's Who Legal 2020 for Corporate Governance


Deals

CNPLaw LLP advised SGX-ST listed Company, Axington Inc., on a mandatory unconditional cash offer


Editor
Bill JAMIESON

Production team
Joel LAW
Jacqueline CHEOW
Menes STA ANA

Contributors
Bill JAMIESON
Subramanian PILLAI
TAN Min-Li
Wong Pei-Ling
Daphne TAN
GE Xiaomeng
Marvin CHUA
Sharleen EIO
Sylvia KOH
YEOH Tze Ning


Featured contributor


YEOH Tze Ning
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