The advent and spread of COVID-19 have caused severe cashflow difficulties for businesses within and without Singapore. Cash and liquidity are in scarce supply, and businesses find themselves either gasping to keep afloat, or struggling to be paid by their debtors. In an effort to address the financial difficulties choking businesses in Singapore, the Singapore government has introduced various new measures in the new Covid-19 (Temporary Measures) Act 2020 (the Act), which was passed on 7 April 2020. While the prevalent issue on everyone’s minds is the control order and its restrictions on our movements, the Act also includes several important financial and business-related provisions
This client update highlights several things you need to know about the Act and its impact on your business, as well as what viable options are available under the existing legal regime.