28 Sep 2020
If your business is owed money by a company, the proposed insolvency reforms which are expected to come into effect at the beginning of 2021 may mean that getting paid just got that little bit harder.
If your business is owed money by a company, the proposed insolvency reforms which are expected to come into effect at the beginning of 2021 may mean that getting paid just got that little bit harder.
The Federal Government has, consistently with expectations, announced that the temporary relief which has been in place for insolvency and bankruptcy will be extended until 31 December 2020.
The use of electronic signatures to execute business to business contracts has increased significantly, particularly since covid. A recent decision serves as a timely reminder to exercise caution when using electronic signatures to enter into contracts.
At ESY Lawyers, we assist businesses in varied industries to turn debtors into cash. Taking proactive steps, even during covid, has never been so important. Usually, court action is taken as a last resort.
The Government has put in place measures to ‘hibernate’ Australian business during the coronavirus crisis. That does not mean that your business cannot take steps now to recover outstanding debts.
Can your business afford to wait at least 6 months to get paid? If you rely upon a creditor’s statutory demand to enforce payment of debts owed by a company, you will need to consider other options in 2020.