The Treasurer, the Honourable Josh Frydenberg MP, has today announced proposed temporary changes to Australian corporate insolvency laws which will vary the minimum requirements for statutory demands and provide some relief for directors from insolvent trading. These announcements form part of the Australian Government’s measures to support otherwise profitable and viable businesses due to the economic impacts of COVID-19.
At the time of writing, these changes are not yet law. Some at least will require legislative amendment, and Government policy in response to COVID-19 is subject to update at short notice. You should seek up to date advice in relation to these matters before acting on them.
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