In response to the COVID 19 crisis, the Federal Government have effectively eliminated the prohibition on insolvent trading, until 30 September 2020. However safe harbour provisions should still be followed. Please call us if you find your self in a position of insolvency.
Also, be alert; your customers may now be permitted to trade while insolvent for longer than before, running up a lot more debts, and taking good businesses, like yours with them when they go down. Credit control and debtor management are now more critical than ever.
Significant decisions need to be made when a business or individual is facing financial difficulty. Decisions often need to be made quickly and can have serious consequences. P.M. Lee & Co. Lawyers can assist clients to analyse the issues and provide a with a range of options for dealing with the difficulties.