Despite strong industry opposition, including by the Australian
Restructuring Insolvency and Turnaround Association
(ARITA) and the Australian Institute of Credit
Management (AICM), the Commonwealth Government on
7 September 2020 announced the extension of its "temporary
insolvency and bankruptcy protections" until 31 December
2020.
In March 2020, the Commonwealth Government enacted the
Coronavirus Economic Response Package Omnibus Act 2020
(Cth) (CERPO Act) with effect from 25 March
2020.
The CEPRO Act amended the Corporations Act 2001 (Cth)
(Corps Act) and the Bankruptcy Act 1996
(Cth) (Bankruptcy Act).
We discussed these amendments our article published on 23 March
2020 ["
COVID 19 – Update – Changes to insolvency laws due to
COVID-19"]. (Amendments).
