COVID-19 (Temporary Measures) Act 2020 · s 21

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—(1) During the prescribed period, the Insolvency, Restructuring and Dissolution Act 2018 applies as if —(a)the reference in section 289(2)(a) of that Act to “the prescribed amount” were a reference to “$250,000”;(b)the reference in section 299(a) of that Act to “the prescribed amount mentioned in section 289(2)(a)” were a reference to “$250,000”;(c)the reference in section 299(b) of that Act to “a prescribed amount” were a reference to “$125,000”;(d)the reference in section 311(1)(a) of that Act to “$15,000” were a reference to “$60,000”;(e)the reference in section 312(a)(i) of that Act to “21 days” were a reference to “6 months”; (f)the reference in section 314 of that Act to “21 days” were a reference to “6 months”; (g)the references in section 316(2) of that Act to “21 days” were references to “6 months”; and(h)the reference in section 316(9)(a) of that Act to “the prescribed amount” were a reference to “$250,000”.(2) For the purposes of section 415 of the Insolvency, Restructuring and Dissolution Act 2018, a bankrupt is not to be treated as having no reasonable ground of expectation of being able to pay a debt if the debt is incurred —(a)in the ordinary course of the bankrupt’s trade or business;(b)during the prescribed period; and(c)before the making of an application for voluntary arrangement or bankruptcy in respect of the bankrupt.
During the prescribed period, the Insolvency, Restructuring and Dissolution Act 2018 applies as if —(a)the reference in section 289(2)(a) of that Act to “the prescribed amount” were a reference to “$250,000”;(b)the reference in section 299(a) of that Act to “the prescribed amount mentioned in section 289(2)(a)” were a reference to “$250,000”;(c)the reference in section 299(b) of that Act to “a prescribed amount” were a reference to “$125,000”;(d)the reference in section 311(1)(a) of that Act to “$15,000” were a reference to “$60,000”;(e)the reference in section 312(a)(i) of that Act to “21 days” were a reference to “6 months”; (f)the reference in section 314 of that Act to “21 days” were a reference to “6 months”; (g)the references in section 316(2) of that Act to “21 days” were references to “6 months”; and(h)the reference in section 316(9)(a) of that Act to “the prescribed amount” were a reference to “$250,000”.
For the purposes of section 415 of the Insolvency, Restructuring and Dissolution Act 2018, a bankrupt is not to be treated as having no reasonable ground of expectation of being able to pay a debt if the debt is incurred —(a)in the ordinary course of the bankrupt’s trade or business;(b)during the prescribed period; and(c)before the making of an application for voluntary arrangement or bankruptcy in respect of the bankrupt.

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s 21Modifications to Insolvency, Restructuring and Dissolution Act 2018

(1)

During the prescribed period, the Insolvency, Restructuring and Dissolution Act 2018 applies as if —

(a)

the reference in section 289(2)(a) of that Act to “the prescribed amount” were a reference to “$250,000”;

(b)

the reference in section 299(a) of that Act to “the prescribed amount mentioned in section 289(2)(a)” were a reference to “$250,000”;

(c)

the reference in section 299(b) of that Act to “a prescribed amount” were a reference to “$125,000”;

(d)

the reference in section 311(1)(a) of that Act to “$15,000” were a reference to “$60,000”;

(e)

the reference in section 312(a)(i) of that Act to “21 days” were a reference to “6 months”; (f)the reference in section 314 of that Act to “21 days” were a reference to “6 months”; (g)the references in section 316(2) of that Act to “21 days” were references to “6 months”; and

(h)

the reference in section 316(9)(a) of that Act to “the prescribed amount” were a reference to “$250,000”.

(2)

For the purposes of section 415 of the Insolvency, Restructuring and Dissolution Act 2018, a bankrupt is not to be treated as having no reasonable ground of expectation of being able to pay a debt if the debt is incurred —

(a)

in the ordinary course of the bankrupt’s trade or business;

(b)

during the prescribed period; and

(c)

before the making of an application for voluntary arrangement or bankruptcy in respect of the bankrupt.