The new programme will become a permanent feature of the Insolvency, Restructuring and Dissolution Act 2018
[SINGAPORE] An insolvency programme for micro and small companies will be revamped to make debt restructuring and winding up more accessible, with simpler eligibility criteria and streamlined processes.
This new programme “aims to facilitate the orderly winding up of non-viable or dormant businesses to have better recovery outcomes for viable ones”, said the Ministry of Law in a statement on Wednesday (Jan 28).
With this move, the Simplified Insolvency Programme, also known as SIP 2.0, will become a permanent feature of the Insolvency, Restructuring and Dissolution Act 2018.
It enhances two programmes originally introduced by the…