In brief

In response to the COVID-19 pandemic, the Federal Treasurer, Josh Frydenberg MP, has issued a determination that temporarily permits creditors’ meetings and other meetings governed by the Corporations Act 2001 (Cth) (Corporations Act) to be convened and conducted virtually (as opposed to physical meetings), provided that all persons entitled to attend are given a reasonable opportunity to participate. The Corporations (Coronavirus Economic Response) Determination (No.1) 2020 (Cth) (the Instrument) came into effect on 6 May 2020 and provides a pragmatic approach by giving:

  • administrators, deed administrators and liquidators (external administrators) clarity on how to satisfy their respective legal obligations; and
  • creditors the continued right to participate in meetings, in light of current social distancing restrictions.

Continue reading here for key takeaways.

Author

Partner, Sydney
Email: Maria O'Brien

Author

Partner, Sydney
Email: David Walter

Author

Partner, Melbourne
Email: Peter Lucarelli

Author

Counsel, Brisbane
Email: Ian Innes

Author

Special Counsel, Sydney
Email: Heather Sandell