In March 2020, the Government introduced the Coronavirus Economic Response Package Omnibus Act 2020 (“CERP Omnibus Act”). On 25 March 2020, Schedule 12 of the CERP Omnibus Act commenced and introduced temporary insolvency relief for individuals and companies who were financially distressed due to the...
The Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (the New Regime) which commenced on 1 January 2021 provides a new regime for formal restructuring and simplified liquidations for eligible companies. The New Regime, in conjunction with the amendments to the Corporations Regulations (Regulations) and Insolvency...
Changes to Insolvency and Bankruptcy Law - Coronavirus Economic Response Package Omnibus Bill On 24 March 2020, new legislation was introduced which changes the rules for issuing bankruptcy notices, statutory demands, and extends safe harbour provisions for insolvent trading. Bankruptcy Notices and Statutory Demands Under the existing laws,...