In order for this bill to come into effect, it must be gazetted after being passed in the Dewan Rakyat before the end of this sitting, on Aug 27, and also passed in the Dewan Negara before the end of its sitting on Sept 3. The earliest this bill can be gazetted is at the end of September.
For example, if you were a retailer renting a shop in a shopping mall and had your rental contract terminated by the shopping mall owner in July 2020 because you were not able to pay your rent during the MCO, then this bill will be irrelevant to you. But Section 21 also states that “Any proceedings, actions or other matters required to be done under the Insolvency Act 1967 which are still pending immediately before the date of publication of this Act shall be dealt with under the Insolvency Act as if the Insolvency Act 1967 has not been modified by this Act”. This encourages creditors to start bankruptcy proceedings against debtors BEFORE this Act comes into force.
The main purpose of this Singapore bill was to offer temporary relief to businesses and individuals who are unable to perform their contractual obligations due to the Covid-19 pandemic. The level of detail with regard to the protection measures inof the bill is much more substantive compared to Malaysia’s Covid-19 relief bill.
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