The Federal Government has announced proposed further changes to Australia’s insolvency laws. These changes will add to the multitude of legislation changes introduced over the previous year which have been discussed in our earlier articles.   https://nswcreditlaw.com.au/2021/01/25/bankruptcy-law-temporary-debt-relief-measures-ended-on-1-january-2021/ https://nswcreditlaw.com.au/2021/01/25/insolvency-law-changes-to-statutory-demands-from-1-january-2021/ A significant change for creditors chasing debts from corporate entities is a permanent increase in the threshold at which creditors can issue a statutory demand. The threshold will increase from $2,000 to $4,000. Confirmation of the date from which this increase will apply is still to be announced.     With a view to “further simplifying and streamlining insolvency law”, the Federal Government will also: • consult on the treatment

3 May 2021 Joint media release with The Hon Michael Sukkar MP Assistant Treasurer Minister for Housing Minister for Homelessness, Social and Community Housing As part of our economic recovery plan, the Morrison Government is pursuing further measures to improve Australia’s insolvency framework for both small and large businesses. In the 2020–21 Budget, the Government announced the most significant reform to Australia’s insolvency framework in 30 years. These reforms, which came into effect on 1 January 2021, created a new simplified restructuring and liquidation process for small companies and have given directors the control and flexibility they need to either restructure or wind down operations. As a result

What do clients want from their lawyers? What do clients really want from their lawyers and where do lawyers fail in the services that they provide? What is the major pain point for clients? Lack of skill, lack of knowledge, poor results, the expense of the legal process? The answer is none of the above. Lawyers are failing in the most basic component of any service provider/client relationship. Communication with clients. A BTI Consulting Group Survey indicates that neither outcome nor cost of services were the most frequently mentioned causes of dissatisfaction for clients of lawyers. Instead, when asked - “What is the

Strata Managers and Owners Corporations - are you paying the correct court filing fees when you have to issue legal proceedings to recover overdue contributions from your owners? This office has recently seen multiple examples of Statements of Claim issued by legal representatives on behalf of owners corporations whereby the owners corporation has paid the incorrect filing fee when the document has been filed and issued by the NSW Local Court. This has resulted in owners corporations paying double the amount that they should be paying. Section 8(1) of the Strata Schemes Management Act NSW 2015 provides that the owners of the lots

Hospitality post-COVID-19. Further to our recent article regarding the hospitality industry post-COVID19, we have had a number of requests from within the sector to elaborate on what hospitality businesses should be doing now to take advantage of the upturn in the industry that has already started and is set to soar in 2021. Who will benefit? Businesses that reimagined and strategised their way through the economic downturn that was COVID-19 have found themselves in a position to take advantage of the upturn in the industry now that we appear to be on the other side. Businesses that have survived by reimagining their service offering

In March 2020, the Australian Government announced a series of changes to bankruptcy law, as part of the wider economic response to the COVID-19 pandemic. The temporary changes included: an increase in the debt threshold, which enabled creditors to apply for a bankruptcy notice an increase to the timeframe for a debtor to respond to a bankruptcy notice an increase to the temporary debt protection period available to debtors. As of 1 January 2021, those temporary changes have ceased. An amendment has also been made to adjust the bankruptcy threshold. This means: the minimum amount of debt that can trigger bankruptcy is $10,000,