This updated measure, known as SIP 2.0, is designed to offer a more cost-effective and accessible pathway for companies with total liabilities not exceeding $2 million.
SIP 2.0 builds on the success of the original SIP and will now be permanently integrated into the Insolvency, Restructuring, and Dissolution Act 2018, marking a significant evolution in Singapore’s corporate debt restructuring and insolvency framework.Previously, businesses seeking to use the SIP had to meet five distinct requirements. Now, eligibility will hinge solely on one simple condition — that the company’s total liabilities do not exceed $2 million.
The changes to the SWUP are equally notable. Under Clause 30, companies seeking to enter the program but lacking complete financial records can submit a Director’s statement instead, confirming that the company meets the eligibility criteria. Minister Tong emphasized that SIP 2.0 represents a more permanent, cost-effective, and user-friendly framework that will increase access to insolvency processes for a broader range of companies.
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