Government extends temporary business insolvency relief

Federal Treasurer Josh Frydenberg yesterday announced that the Federal Government would continue regulatory relief for businesses impacted by COVID-19 by extending temporary insolvency and bankruptcy protections until 31 December 2020.

In announcing the extension, the Treasurer said: “Regulations will be made to extend the temporary increase in the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive. The changes will also extend the temporary relief for directors from any personal liability for trading while insolvent.”

See more information about the temporary extension or information on the safety net for businesses, including law firms.

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