Impact of COVID-19 (Temporary Measures) Act 2020 on Bankruptcy and Winding Up Applications

Part 3 of the COVID-19 (Temporary Measures) Act 2020 (“C19TMA”) provides for temporary relief for financially distressed individuals, firms and other businesses and has introduced modifications to, amongst others, the Bankruptcy Act, the Companies Act and the Insolvency, Restructuring and Dissolution Act 2018, which apply during the prescribed period, which is presently 6 months commencing on 20 April 2020, subject to any further extensions. The modifications increase the monetary threshold for the bankruptcy of individuals and firms to $60,000 and increases the monetary threshold for the insolvency of other businesses to $100,000. 

The information provided below in respect of bankruptcy and winding up applications is subject to any modifications arising from the C19TMA and should be read together with these modifications.

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