Australia has now entered its first recession in 29 years, and the Australian Government has implemented a number of legislative reforms and other initiatives to support and provide temporary relief to businesses, including stimulus payments, enhanced asset write-off and flexibility in the application of the Corporations Act 2001 (Cth).
Australia, Corporate Finance/M&A, Insolvency & Restructuring, Clayton Utz, Private equity, Coronavirus, Australian Securities Exchange, Corporations Act 2001 (Australia)
Creditors' rights to information and records
One of the many changes to be implemented as part of the Federal Budget delivered last night was a change to the Fair Entitlements Guarantee (FEG) (previously known as the General Employee Entitlements and Redundancy Scheme or GEERS), which guarantees certain unpaid employee entitlements in the event of insolvency or bankruptcy of that person's employer.