Selwyn Black and Evatt Styles raises some important points in this article on Mondaq. It’s called COVID-19 Business Update: Extension of temporary relief for financially distressed businesses – Resolving business debt disputes for creditors and debtors.
They share some important points here. This one is especially fascinating:
If you are holding your breath, and need oxygen – the Coronavirus Loan Guarantee Scheme and ASIC Guidelines to Retail Lenders are two options for a business to explore (with caution) that may create opportunities to enhance cashflow with government guaranteed loans of $250,000.00 to $1million on now 5 year repayment terms.
Importantly, the Coronavirus Loan Guarantee Scheme may also be used for business purposes only, which may include seeking expert and independent legal advice on issues including restructuring or resolving business disputes.Selwyn Black and Evatt Styles
To learn more, take a look at the rest of their work on this link to Mondaq.com.