4 May 2020
The Australian Government has temporarily changed bankruptcy law to help protect people who are facing unmanageable debt as a result of the economic impacts of COVID-19.
If you’re a sole trader, or operating a business as a partnership, you could face personal bankruptcy if you can’t pay your debts.
If you’re in financial difficulty you can now apply for temporary debt protection; this prevents recovery action by unsecured creditors for six months. You can use the time to:
In addition, the temporary debt relief measures have increased the:
If you’re concerned about your finances, help is available. You can access advice from an insolvency practitioner registered with the Australian Financial Security Authority (AFSA), or get free support through the National Debt Helpline by calling 1800 007 007.
Source: Australian Taxation Office News Room
Date: 12 May 2020
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