International Corporate Rescue
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Vol 17 (2020) - Issue 3
Article preview
Australia’s Measures to Address the Economic Impact of COVID-19
Orla McCoy, Partner, Mikhail Glavac, Senior Associate, and Tom Gardner, Solicitor, Restructuring & Insolvency, Clayton Utz, Sydney, AustraliaSynopsis
The global economic upheaval caused by COVID-19 has prompted governments to implement a variety of urgent legal and economic measures to adapt to the pandemic and mitigate the economic harm caused by stringent lockdowns imposed to protect public health. Many of those measures are of special interest to restructuring and insolvency professionals. Australia's response has included specific changes to insolvency law, practical measures to facilitate doing business remotely, and economic stimulus and financial relief for those especially affected. We survey these measures and assess the impact of COVID-19 on the practice of restructuring and insolvency law in Australia.
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