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A new Insolvency regime and related laws are now in place to supposedly help deal with the crisis resulting from the financial impact of Covid-19. So what is this new Small Business Restructuring option? and will it work...??

Director(s) may not be able to rely on the safe harbour for temporary relief for financially distressed businesses (insolvent trading) if the company had been trading insolvent pre 24 March 2020

ASIC has reminded Directors and other stakeholders faced with COVID-19 that the safe harbour granting temporary relief for financially distressed businesses (Insolvent Trading provisions) does not extend to relief from statutory and common law directors duties (duty to act with care and diligence, act in good faith, not to use a director’s position or information obtained as a director to gain an advantage or cause detriment to the company)

Handy release from AFSA on simple PPSR tips for tradies (and indeed any small business). Highlights the critical need to use PPSR to secure a Retention of Title claim!

The introduction of a 12 Month Bankruptcy term is part of a Bill which remains before Federal Parliament. 12 Month Bankruptcy is expected to have a significant impact on the current personal insolvency mix and best options available to individuals suffering from financial distress, with a decrease in appeal of Part IX Debt Agreements to be expected, if implemented. The Bill currently remains stalled however and doesn't seem likely to move too far until after the May 2019 Federal election. 

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