Temporary insolvency and bankruptcy protections to assist financially distressed Australian businesses during the COVID-19 pandemic have been extended until 31 December 2020.
The Federal Government will introduce regulations to extend the temporary increase in the threshold at which creditors can issue a statutory demand on a company, as well as the time companies have to respond to demands they receive.
In addition, the changes will extend the temporary relief for directors from any personal liability for trading whilst insolvent.
“The extension of these measures will lessen the threat of actions that could unnecessarily push businesses into insolvency and external administration at a time when they continue to be impacted by health re…
Read the full article at: https://www.businessnewsaus.com.au/articles/business-insolvency-and-bankruptcy-protections-extended-until-the-end-of-2020.html
