Introduction
1. On 7 April 2020, Parliament passed the wide-ranging COVID-19 (Temporary Measures) Act 2020 (the “Act”) to provide temporary, targeted relief to alleviate the immense pressures caused to individuals, firms and businesses as a result of the COVID-19 disease.
2. While the reliefs provided are wide ranging and cover both persons and industries, this article focuses on the impact of the Act on banks and financial institutions, and covers the following:
- Application to Banks and Financial Institutions
- Relief for Inability to Perform Contracts
- Period of Temporary Relief
- Pre-requisites to Temporary Relief and Determination by Assessors
- Temporary Relief Measures Available
- Temporary Relief for Financially Distressed Individuals, Firms, and Businesses
3. Please note that you can click on each section in the enclosed article to be taken directly to that section.
4. A copy of the article can also be found here.
For further information, contact:
Justin Chia
Head of Practice Group,
Asset Recovery, Restructuring & Insolvency
Partner, Eversheds Harry Elias
JustinChia@eversheds-harryelias.com
+65 6361 9814
Charles Ho
Senior Associate, Eversheds Harry Elias
CharlesHo@eversheds-harryelias.com
+65 6361 9887
Chua Jian Zhi
Senior Associate, Eversheds Harry Elias
Jianzhi@eversheds-harryelias.com
+65 6361 9339