No one expected these immortal words by Split Enz to be so relevant during the COVID-19 pandemic. However, that is exactly how some directors may be left feeling regarding the requirements to qualify for protection from trading while insolvent under the COVID-19 Safe Harbour provisions.
When COVID-19 hit Australia, it created a crisis requiring urgent and extraordinary action by Federal and State Governments to protect the health of the Australian people and economy. The most significant economic policy was the Coronavirus Economic Response Package Omnibus Bill 2020 (“Bill”), which received Royal Assent on 24 March 2020. The Bill provided unprecedented support and protection to businesses and directors in response to the COVID-19 pandemic.