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.