Other Debt Restructuring Options
Simplified Insolvency Programme
The Simplified Insolvency Programme (SIP) provides micro and small companies a simple, fast, and low-cost proceedings to assist in the winding up of the company or restructuring of business debts.
There are two separate programmes under the SIP.
The Simplified Winding Up Programme (SWUP) provides micro and small companies with a simplified creditors’ winding up procedure. This applies when the company is insolvent, intends to cease business and opt to be wound up.
The Simplified Debt Restructuring Programme (SDRP) enables micro and small companies to restructure their debts while staying viable to turn the business around.
Micro companies are defined as having annual revenue of less than $1 million;
Small companies are defined as having annual revenue of less than $10 million.
To find out more about or to apply for the Simplified Insolvency Programme, click here to proceed to MINLAW Insolvency Office webpage.