The ‘Safe Harbour’ regime under the Corporations Act 2001 (Cth) (the “Act”) provides businesses facing insolvency an opportunity to access legal safe harbour from civil penalties and adverse orders, in circumstances where those businesses would have otherwise been trading whilst insolvent under section 588G of the Act. Insolvency The Act imposes a fundamental duty on [...]
The personal insolvency regulator, the Australian Financial Security Authority (AFSA) has recently issued a warning around dodgy insolvency providers. It is anticipated that there will be a wave of business failures when the temporary insolvency relief measures come to an end at the end of this year. It is therefore a major concern of AFSA [...]
The federal government has launched reforms to bankruptcy and insolvency laws which are expected to be legislated mid-2017. They have the potential to make it easier to bounce back from a business failure, including changing the default period for personal bankruptcies from three years to one year. Recognising that not all bankruptcies occur due to misfortune or innocent [...]
