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On 24 September 2020 we published an article about the: Extension of Insolvency Protections and
the impact the Commonwealth Government s temporary insolvency and bankruptcy
protections extension to 31 December 2020 has on business
and the corporate bodies in Australia.
On 29 September 2020 the Australian Restructuring Insolvency
& Turnaround Association issued a Practice Note about the
impact of the temporary insolvency relief for directors provided by
the Commonwealth Government.
However, an important feature of that reform (or band aid ) is that there is no retrospective relief for
a director s liability for insolvent trading if the relevant