More time for financially stressed individuals and companies

The Federal Government will extend the temporary relief measures for financially distressed individuals and businesses to 31 December 2020.

The measures include:

1. The period within which a statutory demand must be complied is extended from 21 days to 6 months
2. The minimum amount for a statutory demand is $20,000
3. The period within which a bankruptcy notice must be complied is extended from 21 days to 6 months
4. The minimum amount for a bankruptcy notice is $20,000
5. Directors entitled to temporary safe harbour provisions in relation to insolvent trading

This should be of great assistance to many.