Federal Register of Legislation - Australian Government

Primary content

Regulations as made
This instrument amends various definitions and concepts in the Bankruptcy Regulations 1996 and the Corporations Regulations 2001 to extend the application of temporarily increased thresholds until 31 December 2020.
Administered by: Treasury
Registered 21 Sep 2020
Tabling HistoryDate
Tabled HR06-Oct-2020
Tabled Senate06-Oct-2020
Table of contents.

Commonwealth Coat of Arms of Australia

 

Corporations and Bankruptcy Legislation Amendment (Extending Temporary Relief for Financially Distressed Businesses and Individuals) Regulations 2020

I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 17 September 2020

David Hurley

Governor‑General

By His Excellency’s Command

Josh Frydenberg

Treasurer

 

  

  


Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—Amendments                                                                                                                          2

Bankruptcy Regulations 1996                                                                                                             2

Corporations Regulations 2001                                                                                                         2

 


1  Name

                   This instrument is the Corporations and Bankruptcy Legislation Amendment (Extending Temporary Relief for Financially Distressed Businesses and Individuals) Regulations 2020.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The day after this instrument is registered.

22 September 2020

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the following:

                     (a)  the Corporations Act 2001;

                     (b)  the Bankruptcy Act 1966.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

  

Bankruptcy Regulations 1996

1  Subregulation 4.02AA(3)

Repeal the subregulation, substitute:

             (3)  This regulation is repealed at the end of 31 December 2020.

2  Subregulation 4.10A(2)

Repeal the subregulation, substitute:

             (2)  This regulation is repealed at the end of 31 December 2020.

Corporations Regulations 2001

3  Subregulation 5.4.01AA(3)

Repeal the subregulation, substitute:

             (3)  This regulation is repealed at the end of 31 December 2020.

4  At the end of Chapter 5

Add:

Part 5.7BRecovering property or compensation for the benefit of creditors of insolvent company

  

5.7B.01  Extension of temporary relief for insolvent trading safe harbour

                   For the purposes of subparagraph 588GAAA(1)(b)(ii) of the Act, the period prescribed is the period starting on the day that section 588GAAA of the Act commenced and ending at the end of 31 December 2020.