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This is a difficult time for Australian enterprise, workers and our communities. It is also a time for TMA Australia (TMAA) membership to shine. We have always been a values driven membership, covering a broad church of special situations investors, advisors, educators and operators, both for international as well as SME assignments. Our collective aim and […]
Directors to get insolvent trading relief, but debt recovery toughened, under temporary COVID-19 measures (Clayton Utz)
Author, Cameron Belyea (Partner, Clayton Utz) TMA Australia Chair Directors will soon be free to make decisions to trade on even insolvent entities, and incur debts in the ordinary course of business, with the passing of the Coronavirus Economic Response Package Omnibus Act 2020 last night and Royal Assent today. The Act is intended to […]
As part of its economic response to the COVID-19 pandemic, the Government passed a ‘temporary safe harbour’ insolvency measure. It suspends, (for six months if not extended), the current ‘insolvent trading’ regime whereby directors can be personally liable for debts incurred by their company at a time it is insolvent. This alert by King & […]
As part of the stimulus package to support and protect Australian businesses, the Federal Government has today announced a number of temporary changes to the Australian insolvency laws. Summary of proposed changes Outlined below is a summary of the proposed changes based on the limited details provided by the Department of Treasury to date: relief […]