The Legal Perspective

In the face of the stress, if not distress, faced by various sectors, hopes are also pinned on legal mechanisms aimed at preserving businesses. Whilst the budget speech did herald a reform of the insolvency laws, it did not give effect to any concrete changes. Post-budget, the administration process remains the ray of hope for distressed businesses.  

Concurrently, the global business sector is facing its share of challenges. As expected, measures were announced for greater compliance with international norms including the Financial Action Task Force. The introduction of a Special Purpose Acquisition Company, a global hot trend, adds to our portfolio of offerings to investors.

These efforts are welcomed to maintain our jurisdiction’s international competitiveness. It remains to be seen whether these measures sufficiently address the present challenges.

The restriction on the termination of employment expiring on 30 June 2021 has not been extended whilst the budget endows the Redundancy Board with further powers to deal with redundancy cases. 

From an administration of justice perspective, we look forward to the introduction of modern case management techniques, rules on adjournments and time limits for delivering judgments.

Overall, the budget does not bring about any structural legal reforms but leaves scope for hope.  

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