The Government’s 22 March 2020 Coronavirus 2nd tranche support package (see related TT article) included a number of material measures relevant to the insolvency industry. Pitcher Partners’ insolvency practice put out ‘Critical Point Network’ Bulletin, entitled Proposed immediate insolvency measures announced by the Government, which offers some more detail and provide comment. They go through the general creditor relief, but report that the ATO’s collection powers are not limited to traditional debt recovery and there is no current detail about legally curtailing these powers, commensurately. They forecast, however, that the ATO will exercise restraint, as they did in the GFC.
See below for details from the Bulletin.