When Covid-19 and Christmas Collide
How to avoid the perfect storm
A few years back Paul Nogueira from Worrells wrote about “the lead up to Christmas can be a busy time in the insolvency industry” and how to avoid a visit from the Christmas Liquidator. This article, pre COVID-19, was in response to the Australian Securities and Investments Commission (ASIC) past statistics showing that between September to December has some of the highest levels of corporate insolvency administrations.
Although insolvency numbers have been suppressed over the last 18 months—times are changing and a return to normal insolvency numbers is expected. Over the next six months we will start to see state and international borders open up, businesses starting to resume their normal flow, government assistance packages substantial reducing, and creditor pressure, including the banks and the Australian Taxation Office (ATO), for outstanding debts starting to bite.
These circumstances could see a perfect storm brewing for businesses suffering from insolvency concerns over the next six months.
You can read the complete article on the Worrells website by clicking here.
Disclaimer: This article contains general information only. Regrettably, no responsibility can be accepted for errors, omissions or possible misleading statements or for any action taken as a result of any material in this guide. It is not designed to be a substitute for professional advice, as such a brief guide cannot hope to cover all circumstances and conditions applying to the law as it relates to these items.