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Our legal experts will keep you up to date on all relevant and current developments.

New Insolvency Regime to be Introduced From 1 January 2021

From 1 January 2021 new insolvency regimes will be introduced which will involve:

  1. a new insolvency process for small businesses whereby financially distressed but viable companies can restructure their existing debts and continue to trade; and
  2. a simplified liquidation process which will allow for faster and lower-cost liquidation.

Significant Changes to Bankruptcy Notices and Body Corporate Levy Recoveries
Monday 21 September 2020 / by Shane Roberts & Sam Marsh posted in Property Bankruptcy Notice Statutory Demand Creditors Insolvency

The temporary measures put in place by the Government in March this year which:

  1. increased the monetary threshold at which creditors can issue a Bankruptcy Notice to $20,000; and
  2. increased the time period in which a recipient of a Bankruptcy Notice has to respond to a Statutory Demand from 21 days to 6 months,

have now been extended until 31 December 2020.


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