On April 1, the Singapore Ministry of Law announced that it intended to introduce the Covid-19 Bill this week.
In other words, the non-performing party’s liabilities will be suspended and non-enforceable during the prescribed period.> Non-residential leases and licences in that if the commercial tenants or licensees are unable to pay rent for February and/or March, they may seek relief; The Bill will prohibit a contracting party from taking the following legal actions against a non-performing party:
If relief is given under this new law, it will become an offence for any individual or organisation to take legal action against the non-performing party if that party has given a notice of his inability to fulfil the contract due to Covid-19. I am of the view that this protective legislation as proposed in Singapore to protect contracting parties should also be introduced here, urgently.It should protect all parties to any contract from being deemed to be in breach of the contract simply because of an inability to perform any obligation of the contract owing to Covid-19 and, in particular, due to the MCO.
This will result in the banks not being able to release loan sums to complete a sale and purchase transaction.
Indeed. Thank you Roger Tan for highlighting this. A specific legislation will minimise disputes, insulate and allow parties to move on. Too many areas of private commercial laws too require a revamp. Even the LLP issue stalled. Keep pushing Roger. Thank you
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