One initiative will assist sole proprietors or partnerships restructure unsecured debt such as credit card bills or loans secured without collateral.
The Law Ministry had introduced several measures to alleviate the impact of the crisis on businesses, including a moratorium on legal action over rents and contracts, and increasing the thresholds for bankruptcy and insolvency proceedings. It was developed with the support of several ABS member banks, the Monetary Authority of Singapore and Enterprise Singapore, among others.
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