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