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10 Sep 2020 Treasury

Extension of temporary relief for financially distressed businesses

The Government is extending temporary insolvency and bankruptcy protections until 31 December 2020. This is so businesses impacted by COVID-19 can continue receiving regulatory relief.

Regulations will be made to extend the temporary increase in 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 changes will also extend the temporary relief for directors from any personal liability for trading while insolvent.

Read more here.

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