Insolvency considerations and COVID-19 (Temporary Measures) Act 2020
How does the COVID-19 (Temporary Measures) Act 2020 affect insolvency and business?
The COVID-19 pandemic has had a severe impact on business owners. It is no surprise that many businesses in Singapore now face unavoidable challenges to cash flow. Many have to confront the prospect of not being able to continue as a going concern.
The Singapore Parliament passed the COVID-19 (Temporary Measures) Act 2020 (CTMA) on 7 April 2020. Among its provisions, the CTMA provides a safety net to cushion the impact of insolvency and bankruptcy laws. In this article, we focus on the effect of the CTMA on insolvency and businesses.
The co-authors of this article are Managing Director Evelyn Ang and Director Glenda Lee of Atlas Asia Law Corporation.
