June 2021 - Message from the Chair
In the June edition of the BLS Brief twelve months ago, I reported on the work that members of the Business Law Section were doing in making submissions concerning emergency measures introduced to assist businesses during the Covid-19 economic crisis and we were looking forward to the post-Covid recovery. While the economy has shown signs of resilience, the lingering effect of the crisis, complicated by the progress of the vaccine rollout and the continuing risk of lockdowns, hasencouraged us to continue to look for ways to improve how business is done in Australia. From a quick glance at the list of submissions made by the BLS over the last few months, we can highlight a number of issues that will be of keen interest to members.
In the insolvency area, there have been permanent changes to the threshold for the issue of statutory demands and bankruptcy notices. The SME corporate insolvency reforms that have come into operation allow for small companies to enter into a new, less complicated and hopefully more cost-efficient restructuring process.
In the corporate space, the much-needed permanent reforms for virtual meetings, electronic communication/execution of documents and continuous disclosure obligations have been before Senate Economics References Committee. The BLS has appeared and advocated for those reforms.
Modernising business communications and seeking permanent reforms to the way deeds and other instruments can be executed throughout Australia has already received considerable attention in past submissions and further work is expected to be done in the coming months in this regard.
The submissions made by the BLS either alone or in conjunction with other parts of the Law Council, on the above issues and many others, are accessible from the Council’s website.
Chair, Business Law Section