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Ian Innes

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In summary In our previous alert we discussed how Justice Markovic in the Federal Court of Australia had granted the administrators of retailer Colette Group relief from personal liability for rent in respect of 93 stores.On 15 April 2020, Justice Markovic in the Federal Court of Australia granted orders extending the relief for the administrators for a further three weeks until 6 May 2020. The administrators also have the benefit of a direction that they are justified…

Directors of Australian companies face significant personal monetary – and potential criminal and adverse professional – consequences if they allow the company to trade whilst insolvent. Australian insolvent trading laws are harsher, and more frequently utilised to prosecute directors personally, than in many other jurisdictions including in the US and the UK. Accordingly, frequent assessment of a company’s solvency by its directors is crucial, particularly in financially difficult times, as are active steps to address…