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Temporary relief for financially distressed businesses

Temporary relief for financially distressed businesses

 

Aim

Protecting Directors and small businesses from creditors, allowing them to continue trading and giving the economy the best chance at moving forward. 

Benefits

  • A temporary increase in the threshold for a creditor to initiate bankruptcy proceedings from $2,000 to $20,000
  • An increase in the time period for debtors to respond to a bankruptcy notice from 21 days to 6 months
  • Temporary relief for directors from any personal liability for trading while insolvent
  • Providing temporary flexibility in the Corporations Act 2001 to provide targeted relief for companies from provisions of the Act to deal with unforeseen events that arise as a result of the coronavirus health crisis.

If you need assistance, please reach out to our friendly accountants on 1300 865 199 or if you would like us to give you a call, Book in your 30 minute consultation for $50 to get the answers you need today.

Sidney Cachuela

Sidney Cachuela

Sidney Cachuela is a Business Mentor and Associate Financial Advisor who genuinely revels in solving the sorts of wicked problems facing business. His experience includes working with high profile wealth managers and financial advisers, including managing $100m of client FUM across 200 clients. In 2018 he co-founder POP Business, a cloud-based accounting firm. Sidney is a complete technophile, and believes that innovation and new tech are the way forward. POP Business is his labour of love. He has expertise in helping small businesses with a range of accounting services, including: financial advice, accounting and bookkeeping, GST tax planning, as well as company, trust and partnership tax returns and more.

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