Gov’t extends application for the Simplified Insolvency Programme until 2026

The programme helps MSCs facing financial difficulties.

The Ministry of Law (MinLaw) has extended the application period for the Simplified Insolvency Programme (SIP) by two years, from 29 January 2024 to 28 January 2026.

MinLaw has extended the application for SIP thrice, first in 2021 and second in 2022. 

The SIP was initially open for six months but was subsequently extended.

The government introduced the programme on 29 January 2021 to benefit micro and small companies (MSCs) facing financial difficulties. 

SIP helps MSCs restructure their debts or wind up via a simpler, faster, and lower-cost insolvency process.

The government plans to make the SIP a permanent feature of its insolvency framework. MSCs may apply for the SIP via www.go.gov.sg/sip.