Insolvency Relief Extended for Australian Businesses Despite Concerns

Insolvency Relief Extended for Australian Businesses Despite Concerns
Shops on Sydney Road in Brunswick display signs informing customers of their closure in Melbourne, Australia on Aug. 5, 2020. Darrian Traynor/Getty Images
|Updated:

The federal government has extended insolvency relief and bank protection beyond the original Sept. 25 deadline for another three months in a bid to avoid an avalanche of business failures amidst the economic recession.

The move, announced on Sept. 7 following Victoria’s decision to extend stage 4 lockdown, coincides with the end of the initial wave of 6-month deferrals for business loan repayments.