Coronavirus safe harbour – beware the claytons waterfall in s 588GAAA
It is interesting to now see the clear limitations the government has placed on the protections offered by the COVID-19 ‘safe harbour’ reforms, in the latest extension of time of the operation of s 588GAAA Safe harbour–temporary relief in response to the coronavirus to 31 December 2020. The limitation is that unless the company in question […]
“industry codes with their precepts, guidance and aspirational verbiage cannot dictate the proper construction and application of the relevant statutory provisions”
Soft law in Australia takes a rather strict approach in assessing the independence of insolvency practitioners, more so than, for example, the UK: for a recent example, see Re Nationwide Accident Repair Services Ltd & Ors [2020] EWHC 2420 (Ch), a pre-pack. But as I have said, the law itself as applied by the Courts […]
