Temporary Relief for Financially Distressed Businesses

  • This measure seeks to lessen the threat of actions that could unnecessarily push businesses into insolvency and force the winding up of the business.
  • The Government is temporarily increasing the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive.
  • The package also includes temporary relief for directors from any personal liability for trading while insolvent.
  • This relief will be applicable for six months.

 

For all details visit: https://business.gov.au/Risk-management/Emergency-management/Coronavirus-information-and-support-for-business/Temporary-relief-for-financially-distressed-businesses