Tag Archives: Singapore

Updated COVID-19 Updates for Singapore Employers

Update to our post of 7 April 2020

As of 27 April 2020, Singapore has reported more than 13,000 cases and 12 deaths due to the COVID-19 pandemic. While the number of new cases in the local communities have started to level off, many of the new cases are unlinked, pointing to a larger, as-yet undetected reservoir of cases in Singapore. As such, there is the continued need to be vigilant in enforcing social distancing and isolation measures.

To read the full text, please visit the Duane Morris & Selvam COVID-19 Resource Blog.

Supplementary Rules for Electronic Adjudication Lodgment: Building and Construction Industry Security of Payment Act (“SOP Act”)

On 15 April 2020, the Singapore Mediation Centre (“SMC”) enacted Supplementary Rules for Electronic Adjudication Lodgment to provide for:

  1. the electronic lodgment of documents;
  2. telegraphic transfer of fees;
  3. electronic service of documents; and
  4. Adjudication Conferences.

To read the full text, please visit the Duane Morris & Selvam COVID-19 Resource Blog.

Loan Obligations: Relief Measures in Singapore During the COVID-19 Pandemic

A package of targeted relief measures was announced by the Monetary Authority of Singapore (MAS) on 31 March 2020, which it has rolled out together with the Association of Banks in Singapore, the Life Insurance Association, the General Insurance Association and the Finance Houses Association of Singapore to provide temporary relief for individuals and small- and medium-sized enterprises (SMEs) facing liquidity problems during this period of the COVID-19 pandemic. In the face of a collapsing world economy, these measures could prove to be a lifeline to starve off bankruptcy and winding-up actions.

To read the full post, please visit the Duane Morris and Selvam COVID-19 Resource Blog.

Alternative Arrangements for Companies’ General Meetings in Singapore

As a result of COVID-19 and the prescribed “circuit breaker” measures by the government on gathering and social distancing, general meetings requiring personal attendance cannot be conducted during this “circuit breaker” period.

We had previously written about the COVID-19 (Temporary Measures Act) and its provisions for the Minister of Law to prescribe alternative arrangements for, among others, the holding of general meetings during this “circuit breaker” period.

To read the full post, please visit the Duane Morris and Selvam COVID-19 Resource Blog.

Singapore: Legislative Framework for Security and Use of Electronic Signatures

For most of us working from home and actively telecommuting to help stem the tide of local transmissions of COVID-19 during this crucial period of time, technological advancements in the medium of digital communication and remote access have been a boon.

It is thus timely to restate the guiding principles of “electronic signatures” and its use in electronic records and transactions that have become increasingly commonplace.

To read the full text of this article, please visit the Duane Morris & Selvam COVID-19 Resource Blog.

Update: Dealing with COVID-19 in the Construction Industry in Singapore

This update is provided to our article issued on 5 April 2020.

On Friday 3 April 2020, to reduce the risk of further local transmission of COVID-19, the Building and Construction Authority (BCA) released an advisory to inform contractors that all building works (except for essential works) are to cease from 7 April 2020 to 4 May 2020 (“Stop Work Period”).

To read the full text of this article, please visit the Duane Morris & Selvam COVID-19 Resource Blog.

During COVID-19 Restrictions, Required Annual General Meetings for Singapore Companies

The COVID-19 pandemic has necessitated the implementation of safe distancing measures as well as the current “circuit breakers” by the Singapore government. Many companies incorporated in Singapore are statutorily required to hold their annual general meetings (AGMs) while such control measures are in place, which may prevent AGMs from taking place by the stipulated period.

To read the full text of this post, please visit the Duane Morris and Selvam COVID-19 Resource Blog.

COVID-19: Bond Buybacks and Liability Management in Asia

As the COVID-19 pandemic continues to take its economic toll, many companies with outstanding bonds worry that they will not have enough cash on hand to repay their bonds on their stated maturity date, or that their bond covenants are, or may soon become, under pressure. These companies may benefit from amending their bonds to defer payment, achieve greater covenant flexibility or make other advantageous changes. For other companies, the decline in the bond markets presents an opportunity to repurchase their bonds at a significant discount.

“Liability management” is an umbrella phrase for a variety of techniques that companies can use to manage their outstanding bonds. These include redemption, open market repurchases, tender offers, exchange offers and consent solicitations. This Alert provides an overview of key legal considerations applicable to liability management transactions.

To read the full text of this post, please visit the Duane Morris and Selvam COVID-19 Resource Blog.

COVID-19 Updates for Singapore Employers: Safe Distancing, Cost Reduction and Government Support

As of 5 April 2020, Singapore has reported more than 1,300 cases and six deaths due to the COVID-19 pandemic. While Singapore is handling the COVID-19 pandemic better than most nations, the crisis continues to intensify at an increasing rate. As such, there is the continued need to be vigilant in enforcing social distancing and isolation measures.

Even as countries all over the world begin increasing such preventative health measures, the pandemic is also devastating the global economy, including Singapore. During times of economic downturn and uncertainty, controlling fixed costs such as labour becomes even more pressing for companies. Businesses in almost every sector have been impacted by the COVID-19 pandemic, and many are looking to cut costs during this period of crisis. While every business faces unique considerations, the following guidance aims to clarify issues relating to safe distancing practices at the workplace, cost-saving and business continuity measures, and the available government support during this health and economic crisis for Singaporean businesses.

To read the full text of this Duane Morris Alert, please visit the firm website.

Dealing with COVID-19 in the Singapore Construction Industry

The global COVID-19 pandemic, and the response by the Singapore government will have important consequences for the construction industry. This article provides a summary of the current laws, our analysis of how it will affect industry players, and various legal and practical issues that may arise.

To read the full text of this post, please visit the Duane Morris & Selvam COVID-19 Resources Blog.