On 10 December 2020, the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 (Cth) passed both houses of parliament (Insolvency ReformAct). The substantive provisions of the Bill commence from 1 January 2021, coinciding with the end of the current temporary insolvency protections which were put in place by the federal parliament in March 2020 to protect businesses facing financial distress caused by COVID-19.

Insolvency protections expiring on 31 December 2020