The Ministry of Law has announced that the application period for the Simplified Insolvency Programme (“SIP“) has been extended to 28 July 2022. The SIP helps eligible micro and small companies facing financial difficulties restructure their debts or wind up via simpler, faster and lower-cost restructuring processes. Entry into the SIP is initiated by the applicant company submitting an application to the Official Receiver. The application period was originally set at six months (from 29 January 2021 to 28 July 2021). However, in light of the continued challenges in the business environment arising from the COVID-19 pandemic, the application period has been extended for another year.
For more information, click here to read the full Legal Update.
