In response to the emergence of the COVID-19 pandemic in Australia in 2020, the federal government injected an unprecedented level of stimulus into the Australian economy and introduced temporary law reforms aimed at protecting against an anticipated “tidal wave” of insolvencies. These temporary law reforms included a moratorium on civil liability for insolvent trading for directors and increased thresholds and time frames for responding to statutory demands.
The majority of these temporary relief measures came to an end on December 31, 2020, and in an attempt to address the expected resulting rise in insolvencies, the federal government has implemented a number of permanent insolvency law reforms intended to assist small businesses re…
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