The COVID-19 pandemic has placed significant pressure on businesses and the economy. Even fundamentally healthy and viable businesses are seeing their financial resources stretched thin due to factors such as weakening demand, increasing late payments, and disruptions in supply chains.
Directors will play an important role in ensuring that their companies emerge from the COVID-19 pandemic in a strong and sustainable position.
This update discusses the duties of directors in times of financial difficulties and suggests prudent measures directors can take to safeguard the future viability of their companies. The update also analyses the recently enacted COVID-19 (Temporary Measures) Act 2020 which provides directors a "safe harbour" from insolvent trading liability for a period of 6 months commencing from 20 April 2020.
If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Manoj Pillay SANDRASEGARA
Head – Restructuring & Insolvency
d +65 6416 8106
e manoj.sandra@wongpartnership.com
Click here to view Manoj's CV.
Smitha MENON
Partner – Restructuring & Insolvency
d +65 6416 8129
e smitha.menon@wongpartnership.com
Click here to view Smitha's CV.
Annabelle YIP
Senior Consultant;
Joint Head – Corporate Governance & Compliance
d +65 6416 8249
e annabelle.yip@wongpartnership.com
Click here to view Annabelle's CV.
Kevin HO
Deputy Head – Corporate Governance & Compliance
d +65 6416 2555
e kevin.ho@wongpartnership.com
Click here to view Kevin's CV.
Vivien YUI
Partner – Corporate Governance & Compliance
d +65 6416 8009
e vivien.yui@wongpartnership.com
Click here to view Vivien's CV.