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E-Briefing: Summarising The Covid-19 (Temporary Measures) Act 2020 For Banks And Financial Institutions

Apr 13, 2020

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:

  1. Application to Banks and Financial Institutions
  2. Relief for Inability to Perform Contracts
  3. Period of Temporary Relief
  4. Pre-requisites to Temporary Relief and Determination by Assessors
  5. Temporary Relief Measures Available
  6. 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

For more information, please contact
our Business Development Director, Ricky
Soetikno, at rickysoetikno@harryelias.com.