Union Budget 2021: Here is Full Text of Nirmala Sitharaman s Address at the Parliament
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Introduction
Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis. RELATED NEWS
When I presented the Budget 2020-21, we could not have imagined that the global economy, already in throes of a slowdown, would be pushed into an unprecedented contraction.
We could not have also imagined then that our people as those in other countries would have to endure the loss of near and dear ones and suffer hardships brought about due to a health crisis.
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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