Does your business need more time to breathe?
Given the continued uncertainty surrounding the economic impacts
of COVID-19, it's likely that the Australian Government's
temporary relief measures for business may not be enough. Business
owners and directors may need to look for additional options to
ensure the survival of their company in the short to medium
terms.
Organisations need to focus on preserving the business in the
short term. In the medium term to longer term, the focus should
shift to acquiring working capital and any additional financial
support that might be required to reboot the business once the
current trading restrictions ease.
Despite the changes to the safe harbour defence, the increased
time to comply with statutory demands and the amounts under which a
demand can be made; directors still need to be aware of, and adhere
to, their common law and statutory duties.
