The Insolvency, Restructuring and Dissolution (Amendment) Bill 2020 (“Bill”) will be introduced this month and it will establish the SIP. Under the SIP, qualifying micro and small companies (“MSCs”), which are companies with an annual revenue of less than $1 million and $10 million respectively, can benefit from the two simplified but temporary processes that has been adapted from the existing framework in the Insolvency, Restructuring and Dissolution Act 2018 (“IRDA”). These processes are the simplified debt restructuring and simplified winding up programme. It is envisioned that the SIP will provide simpler, faster and lower-cost proceedings.
Zeming is a Local Principal in Singapore's Dispute Resolution Practice Group. She joined the Firm as an Associate in July 2009.