In Part I of this series, we discussed two Government-assisted loans and insurance available for start-ups in Singapore. In this article, we will look at the remaining two assistances available.
Finance is a crucial determinant in the success of any business, gaining an understanding of the loan options available would be highly beneficial for businesses in Singapore. This is especially where government assistance can lubricate start-ups and midsized businesses alike.
In Part I, we discussed four Governmental Grants available for start-ups in Singapore. In this article, we will look at the remaining five available Grants.
In this new series, we look at assistance schemes, ranging from Grants, Loans & Insurance, Retraining Support, Support for Technology & Innovation, and Support for Internationalisation of SMEs. In Part I and Part II of these series, we will look at Government grants for start-ups in Singapore.
In the previous article, we explained that you may fend off creditors from winding up your company by applying for a Judicial Management Order while your company rehabilitates financially. In this post, we will explain the effects of a Judicial Management Order, including its effects in light of the COVID-19 situation.
The winding up of a company is a process where the company ceases to exist and its assets are seized and realised. Any remaining monies will be used to pay off the creditors of the company, the expenses and costs of the winding up, and any balance thereafter will be dispensed among the shareholders of the company.
Another way for companies to avoid winding up is to negotiate compromises and settlements with all its creditors. However, it is not easy to obtain the agreement of each and every creditor as they may be afraid of being disadvantaged in terms of their priority in the repayment process.
In order to qualify for relief under the Covid-19 (Temporary Measures) Act, you would first need to serve a Notification for Relief (‘NoR’) on the relevant parties.
It is an understatement to say that SMEs has been hit hard by COVID-19. The unprecedented and widespread disruptions to business operations have thrown many businesses into financial disarray. SMEs often does not have deep pockets to weather a prolonged period of cessation of business operations and it is understandable that SME owners are concerned about manpower costs, cashflow liquidity and the survival of their business.
These are additional relief provided under the Covid-19 (Temporary Measures) Act 2020 for performance bonds in construction, tourism, and events-related contracts.
