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To support businesses experiencing financial distress throughout COVID-19, the Australian Government introduced measures to relax insolvency and bankruptcy rules in March. These changes were set to draw to a close by 30 September, but have now been extended until 31 December 2020.
Many commentators had predicted that the changes would need to be extended, especially with further lockdowns in place in Melbourne, in a bid to give businesses the opportunity to trade out of insolvency.
With insolvencies down 60 per cent this year compared to last year as a result of the temporary measures, there were fears once the measures ended at the end of September, there would be a spike in insolvencies. Any rise in insol…
Read the full article at: https://dynamicbusiness.com.au/topics/news/government-extends-temporary-insolvency-and-bankruptcy-protections.html