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Circular No: C&P/226/10/tl

 

 

20 October 2020

Extension of Relief Periods under the COVID-19 (Temporary Measures) Act

The Ministry of Law has recently announced changes to the relief periods under the COVID-19 (Temporary Measures) Act.

The changes are as follows:

Part 2 of the Act – Relief from certain legal and enforcement actions for inability to perform contractual obligations, for specified categories of contracts

  1. Extended from 19 October 2020 to 19 November 2020
  • Loans to SMEs secured by certain collateral in Singapore
  • Leases and licences of non-residential property
  • Hire-purchase and conditional sales agreements for commercial vehicles, or plant/machinery used for commercial purposes
  • Rental agreements for commercial equipment or commercial vehicles
  1. Extended from 19 October 2020 to 31 December 2020
  • Event and tourism-related contracts
  • Options to purchase with developers
  • Sale and purchase agreements with developers
  1. Extended from 19 October 2020 to 31 March 2021
  • Construction contracts or supply contracts, or any performance bond granted theret

 

Rental relief framework – Repayment scheme for rental arrears

  • Eligible tenant-occupiers may now serve written notice on their landlord of their intent to take up the scheme before 19 November 2020 (instead of 19 October 2020)
  • First instalment payment to be made by 1 December 2020 (instead of 1 November 2020)

 

Part 3 of the Act – Measures relating to bankruptcy and insolvency

  • No change to relief period, which will end on 19 October 2020

 

ore details can be found in the attached Ministry of Law’s press release and their website .

 

 

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