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A new era of insolvency law in 2021 - Insolvency/Bankruptcy/Re-structuring


Coronavirus Economic Response Package Omnibus Act 2020
(Cth) (
COVID Act), which came into force on 25
March 2020 and has provided temporary relief to financially
distressed individuals and businesses over the last nine
months.
What will happen after 31 December 2020?
From 1 January 2021, the COVID Act measures will no longer apply
and the usual pre-COVID-19 timeframes and thresholds will be
reinstated, namely:
there will no longer be relief to directors from personal
liability for insolvent trading. However, other provisions, which
introduced a safe harbour from such liability in certain
circumstances in 2017, remain;
the minimum debt for creditor s statutory demands will
return to $2,000;
the minimum judgment debt for bankruptcy notices will return to ....

Coronavirus Economic Response Package Omnibus Act , Federal Government , Bankruptcy Act , Small Business Debt Restructuring , Voluntary Administration , Registered Liquidator , Business Restructuring Practitioner , A New Era Of Insolvency Law , Insolvency Bankruptcy Re Structuring , Insolvency Bankruptcy , கூட்டாட்சியின் அரசு , திவால்நிலை நாடகம் , சிறிய வணிக கடன் மறுசீரமைப்பு , பதிவுசெய்யப்பட்டது லிக்விடேட்டர் , வணிக மறுசீரமைப்பு ப்ர்யாக்டிஶநர் , நொடித்துப்போனது திவால்நிலை ,