We Welcome a New Lawyer
PM Lee & Co Welcomes New Lawyer
The team at PM Lee & Co Solicitors is excited to announce the addition of an experienced Litigation Lawyer
Simon Watson is Senior Litigation Lawyer specializing in Commercial Dispute Resolution, Corporations Law disputes, Corporations M&A activity, and commercial Due Diligence. Simon was formerly a partner of a large firm for 7 years and brings a wealth of knowledge to our firm. Simon has joined the team as a Senior Associate.
Coronavirus Protections Ending Soon
In response to the Coronavirus protections, the Federal Government have substantially limited the scope of Directors liability for insolvent trading. However, the holiday ends on 30 September 2020. This relief is intended to allow Directors to assess the impact of COVID, and plan and budget their way through that impact. However, this is not blanket relief. To qualify for this protection, Directors must show they have a plan and are implementing steps to recover to solvency. There are pre-existing safe Harbour provisions, which may still be available. Call us to discuss your options to keep your company afloat.
You can expect a large number of companies, including some of your customers, to enter external administration soon after 1 October. Make sure you are prepared.
The Government have also extended the time period to respond to a Statutory demand to 6 months, but procedural problems with this relief are appearing. Also, the threshold claim for issuing a Statutory Demand has increased from $2,000 to $20,000. Please call us if you find yourself in a position of insolvency.
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. There are ways you can enforce your debts, even in this COVID environment. Call us now to advise, and assist in dealing with recalcitrant debtors.