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ARTICLE · 30 APRIL 2020

COVID 19 – Update – Changes to insolvency laws due to COVID-19

These changes consist of allowances and concessions to protect income and cash flow for individuals and businesses.

AustraliaCoronavirus (COVID-19)

Introduction

On Sunday 22 March 2020 the Federal Government announced a range of new measures to lessen the economic impact of the Coronavirus pandemic on Australian businesses and individuals.

These measures are radical and will come into effect almost immediately. At this stage it appears they will apply for the next six months. Broadly speaking they consist of various allowances and concessions to protect income and cash flow within the economy, for both individuals and businesses.

Ahead of our detailed report on the announcement, we want to alert clients to substantial changes that have been made in the areas of personal and corporate insolvency.

Changes to insolvency laws

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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