The cavalry is coming

Last night the NSW Government passed the COVID-19 Legislation Amendment (Emergency Measures) Bill 2020 into law. In short the legislation allows the Government to quickly enact laws and regulations to address the unique challenges to the business community brought about by the Covid 19 crisis. The Government has a keen interest in keeping businesses operating as much as possible. Of particular interest are changes likely to be made to the Retail Leases Act 2010 (NSW) and the Residential Tenancies Act 2010 (NSW) to prohibit recovery of possession of the premises by lessors as well as preventing the termination of a lease. While no regulations have yet been introduced we anticipate it happeni

A Bridge Over Troubled Waters (toll free) - some insolvency perspectives

Directors need to be aware of potential personal liability. The prospect of future claims against directors arising from urgent decisions now made in the expectation of keeping their business afloat looks like the Coronavirus infection J curve. The Government’s announcement of a six months suspension of insolvent trading liability of directors for debts incurred in the “ordinary course of business” assists. To rely on the exemption directors will need to establish that incurring the debt was in the ordinary course and was necessary to facilitate the continuation of the business. This could include, for example, a director taking out a loan to move some business operations online. It coul

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