The Australian Federal Government's controversial ipso facto stay regime took effect on 1 July 2018.
The regime affects the ability of a contractual party to exercise rights, such as termination rights, that are triggered by the counterparty becoming insolvent. The ipso facto stay applies to all new contracts that are not carved out under the regime.
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In the Davies Collison Cave Legal Update webinar on 16 July 2020, we discussed the temporary changes to Australian insolvency laws that had been introduced in response to the COVID-19 pandemic. These changes, enacted under the Coronavirus Economic Response Package Omnibus Act 2020 (Cth) (Act), affected provisions of the Corporations Act 2001 (Cth) relating to:
- insolvent trading where debts had been incurred in the ordinary course of the company’s business; and
- the statutory demand regime.
Broadly, the temporary changes:
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