What do you do when your customers start disappearing, business
survival is uncertain and you fear that insolvency is near.
Here is a very quick overview of the main legal options
available as at 24 March 2020.
Government measures
The Federal Government is moving quickly. There has been only a
short time between an announcement of insolvency law changes and
then the passing of the amending legislation. Further, the
Treasurer is being given powers to do quick Corporations Act
amendments.
To offer some temporary insolvency relief, Treasury has
announced various financial payments, plus the following temporary
insolvency law changes have been made law:
- Statutory demands can only be for $20,000 and over;
