It is clear that many companies are now struggling or will shortly start to struggle, following the restrictions and business closures arising from COVID-19 obligations.
This raises the important issue of the duties and responsibilities of company directors running those companies.
To help alleviate some of the concerns, the Federal Government is making some short term changes to company director obligations, and to rules for taking debt recovery action against companies.
The Australian Institute of Company Directors (AICD) has published some very helpful information on these important reforms, that you can access here.
For insurance broking clients who are having financial difficulties in the current challenging times there are multiple temporary relief measures available through different state and federal government schemes. A factsheet detailing them is available on the treasury website.
You can find our previous article detailing the different packages by the state and federal governments to help assist businesses during this COVID-19 crisis here.