What is the Re-Align Framework? SME businesses significantly impacted by COVID-19 may be able to benefit from a new framework that allows them to renegotiate their contracts. Called the Re-Align Framework, helps parties to selected contracts renegotiate the terms and conditions of these contracts, such as the purchase price or…
Category: Featured Articles
Expanding the Scope of SME Grant Schemes (MRA, PSG & EDG)
Following the Ministerial Statement announced by Deputy Prime Minister Heng Swee Keat on 5 October 2020, Enterprise Singapore announced that it will enhance and extend grant and loan schemes for SMEs on 12 October 2020, which include, inter alia, the Market Readiness Assistance Grant (“MRA”), the Productivity Solutions Grant, Enterprise Development Grant and…
COVID-19 Vaccine in Singapore: Is It Compulsory? Who is It For?
The first shipment of the COVID-19 vaccine developed by United States pharmaceutical company Pfizer and German firm BioNTech arrived in Singapore on 21 December 2020 after the Health Sciences Authority (HSA) of Singapore granted interim authorisation for its use. Singapore is one of the first countries to obtain this vaccine,…
Simplified Winding Up Programme Guide
What is the Simplified Winding Up Programme? The Simplified Winding Up Programme (SWUP) provides small and micro companies with a simplified creditors’ winding up procedure. This applies when an insolvent company voluntarily wishes to be wound up. The SWUP is one-half of the Simplified Insolvency Programme, which also includes a…
COVID-19: Temporary Relief from Legal Obligations
The COVID-19 (Temporary Measures) Act 2020 (“the Act”) was recently passed by the Singapore government with the aim, among other things, of providing relief to parties who may be adversely affected in the conduct of their commercial dealings by the COVID-19 pandemic. It does this primarily by postponing the legal…
Setting up a Variable Capital Company in Singapore
On 1 October 2018, Parliament passed into law the Variable Companies Act 2018 (VCC Act), which provides for the incorporation, operation and regulation of the Variable Capital Companies (VCC). VCCs are a new corporate structure which investment fund managers (and family offices) can choose to utilise to manage their funds.…
Simplified Insolvency Programme Guide: Debt Restructuring
What is the Simplified Debt Restructuring Programme? The Simplified Debt Restructuring Programme (SDRP) is intended to assist with the debt restructuring of micro and small companies which may not have substantial assets, such that the regular debt restructuring procedure would be too costly to be practical. To assist in this…
Islamic vs Civil Estate Planning: Differences and Implications
Estate planning is the process of managing one’s assets, such as your monies or properties, while you are still alive, in preparation of the unfortunate event of your death or unforeseen circumstances. Some examples of how you can plan your estate include writing a will or buying life insurance plans.…
Legal Challenges Posed by the Covid-19 Fallout and How SMEs Should Respond
It is an understatement to say that Small-and-Medium Enterprises (SMEs) have been hit hard by COVID-19. The unprecedented and widespread disruptions to business operations have thrown many businesses into financial disarray. SMEs often do not have deep pockets to weather a prolonged period of cessation of business operations. Hence, it…
COVID-19 Rental Relief Framework in Singapore: How to Apply
If you are a business owner who has rented premises in Singapore during the current pandemic, you may be able to obtain Rental Relief under the COVID-19 Rental Relief framework. The framework, set out in Part 2A of the COVID-19 (Temporary Measures) Act, came into force on 31 July 2020.…
