Introduction

The COVID-19 pandemic has had a devastating impact on many businesses, with micro and small companies ("MSCs") being more vulnerable to potential insolvency. Whilst the existing Insolvency, Restructuring and Dissolution Act of 2018 ("IRDA") generally provides restructuring and winding up processes for companies with substantial assets, these processes may not be wholly suited for distressed MSCs which have now been depleted of their already limited resources, as a result of the pandemic.