Strategies for Managing Corporate Solvency during COVID 19

The Coronavirus Economic Response Omnibus Act 2020 (Cth) received royal assent on 24 March 2020. Included in its provisions were several amendments to the Corporations Act 2001 (Cth) which were intended to stave off corporate and economic calamity. These amendments included: 1. insertion of a temporary protection from insolvent trading in the form of s 588GAAA which applies for six months from 25 March 2020 - (this six month period was recently extended to 31 December 2020); and 2. an amendment to the minimum period for compliance with a statutory demand issued after the commencement of the amendments from the usual 21 days from the date of service to six months from the date of service. These amendments formed part of a suite of other measures implemented by the Commonwealth including extending the minimum time for compliance with bankruptcy notices and introduction of the JobKeeper and JobSeeker payments

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