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    Extension of temporary COVID-19 relief from insolvent trading liability and statutory demands
    2020-09-08

    The Australian Government has announced that the operation of temporary COVID-19 relief measures for businesses in the hope of aiding distressed companies and preventing further economic breakdown will be extended until 31 December 2020.[1]

    Filed under:
    Australia, Insolvency & Restructuring, Johnson Winter Slattery, Coronavirus
    Authors:
    Pravin Aathreya
    Location:
    Australia
    Firm:
    Johnson Winter Slattery
    Update To Temporary Insolvency Law Changes
    2020-09-08

    On 22 March 2020, the Federal Government announced a raft of proposed temporary changes to insolvency laws which increased the threshold and time limit for compliance for statutory demands and bankruptcy notices (see our original article). The temporary measures also provided relief for directors from any personal liability for trading while insolvent.

    Filed under:
    Australia, Insolvency & Restructuring, Macpherson Kelley, Coronavirus
    Authors:
    Chris Frawley , Daniel Wignall , Jeffrey Siddle , Nathanael Kitingan , Victoria Nomikos
    Location:
    Australia
    Firm:
    Macpherson Kelley
    Temporary insolvency protections extended
    2020-09-07

    The Federal Government today announced the temporary six-month moratorium from insolvent trading liability has been extended until 31 December 2020. Temporary changes to statutory demands and bankruptcy notices requiring a debt of $20,000 and allowing six months to pay the amount demanded will also be extended to this date. These measures had otherwise been due to expire later this month.

    The announcement gives much-needed clarity and certainty for the remainder of 2020.

    Filed under:
    Australia, Insolvency & Restructuring, Hall & Wilcox, Coronavirus
    Authors:
    David Dickens
    Location:
    Australia
    Firm:
    Hall & Wilcox
    More time for financially stressed individuals and companies
    2020-09-07

    The Federal Government will extend the temporary relief measures for financially distressed individuals and businesses to 31 December 2020.

    The measures include:

    1. The period within which a statutory demand must be complied is extended from 21 days to 6 months.

    2. The minimum amount for a statutory demand is $20,000

    3. The period within which a bankruptcy notice must be complied is extended from 21 days to 6 months

    4. The minimum amount for a bankruptcy notice is $20,000

    Filed under:
    Australia, Insolvency & Restructuring, Kalus Kenny Intelex
    Authors:
    Jonathan Kenny
    Location:
    Australia
    Firm:
    Kalus Kenny Intelex
    COVID-19 | Emergency Amendments to Insolvency Laws: What’s next?
    2020-09-07

    In March, we reported that, as part of a suite of legislative and economic responses to COVID-19 the Commonwealth Government had announced a range of temporary amendments to certain insolvency laws. The amendments were aimed at temporarily amending insolvency laws, affecting in turn corporate governance, and directors’ duties.

    Filed under:
    Australia, Insolvency & Restructuring, Gadens, Corporate governance, Coronavirus
    Authors:
    Robert Hinton
    Location:
    Australia
    Firm:
    Gadens
    COVID-19:Temporary amendments to insolvency laws extended to 31 December 2020
    2020-09-07

    On 7 September 2020, the federal government announced that the temporary changes to the creditors' statutory demand and insolvent trading laws have been extended to 31 December 2020.

    Key takeouts

    In March 2020, the Commonwealth Government's early responses to the economic consequences of the COVID-19 included temporarily suspending and changing important elements of Australia's insolvency laws. These temporary changes were due to expire on 25 September 2020. The government has now announced that this period will be extended to 31 December 2020.

    Filed under:
    Australia, Insolvency & Restructuring, MinterEllison
    Authors:
    Michael Hughes
    Location:
    Australia
    Firm:
    MinterEllison
    COVID-19 response - six month suspension of insolvency laws
    2020-09-07

    The Government has implemented significant temporary measures to ensure that our insolvency laws and processes do not expose companies and individuals to undue risk. This will hopefully avoid a potentially unprecedented wave of insolvencies.

    Key takeouts

    The Government announced a six month suspension of insolvent trading laws.

    The relevant debts will still be due and payable by the company in the normal way.

    Egregious cases of dishonesty and fraud will still be subject to criminal penalties.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, MinterEllison
    Authors:
    Michael Hughes
    Location:
    Australia
    Firm:
    MinterEllison
    Insolvent Australian aircraft engine lessee ordered to re-deliver engines to USA
    2020-09-07

    Following the administration of Virgin Australia the lessors of four engines that were leased to Virgin served notice requiring delivery up of the engines to a nominated address in the USA.  The administrators argued that their obligations to the lessors were met if they made the engines available for delivery up in Australia. 

    Filed under:
    Australia, New Zealand, Aviation, Insolvency & Restructuring, Buddle Findlay, Virgin Group
    Authors:
    Bridie McKinnon , Oliver Gascoigne , Matthew Triggs , Myles O'Brien , Annie Cao , Luke Sizer , Peter Niven , David Perry , Scott Abel , Kelly Paterson , Scott Barker , Willie Palmer , Jan Etwell , David Broadmore
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay
    TGIF 4 September 2020 - Stand down: Court approves compromise of preference claim when validity of appointment challenged
    2020-09-04

    This week’s TGIF examines a decision of the Supreme Court of Victoria in which an unfair preference claim was defended on the basis that the liquidators had been invalidly appointed and lacked standing to continue the proceeding.

    Key takeaways

    Filed under:
    Australia, Victoria, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Victoria Supreme Court
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Court orders Virgin aircraft engines to fly home to Florida
    2020-09-06

    The Virgin Airlines insolvency has shed new light upon aircraft repossession procedure under the Cape Town Convention.

    In Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (administrators appointed) [2020] FCA 1269 (3 September 2020), Justice Middleton in the Federal Court of Australia, decided two issues:

    Filed under:
    Australia, USA, Aviation, Company & Commercial, Insolvency & Restructuring, Litigation, Cordato Partners, Cape Town Convention, Federal Court of Australia
    Authors:
    Anthony J Cordato
    Location:
    Australia, USA
    Firm:
    Cordato Partners

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