COVID-19 has had impacts on contracts relating to commercial undertakings (e.g., construction projects), commercial and industrial tenancies, and individual consumer transactions (e.g. bookings for events). Individuals or companies who are unable to meet their obligations may have to pay damages or forfeit deposits. Otherwise stable businesses may be sued and face lengthy litigation or possible insolvency.

On 1 April 2020, the Ministry of Law announced that it intended to introduce the COVID-19 (Temporary Measures) Bill (“Bill”) in Parliament within one week. The Bill aims to provide temporary relief and protection for individuals and companies who are unable to fulfil their contractual obligations because of COVID-19.

Further to K&L Gates’ Singapore Restructuring and Insolvency Alert dated 5 December 2016,[1] Singapore’s revised restructuring and insolvency legislation has come into effect.

In October 2016, Singapore’s Ministry of Law (“MOL”) launched a public consultation to gather public feedback on proposed amendments to the Companies Act for debt restructuring.[1]