A list of issues to think about. Not necessarily apt for all situations, but a base to work from.

If you run a business confronting hard issues and, after reading this, have any questions, please feel free to contact me – info@gregdross.com.au or ross@eakin.com.au .

What is changed in my business?

  • Compulsory closure?
  • Social distancing issues?
  • Logistics and supply line issues?

Does the business lease premises or Goods?

  • Check the lease terms
  • Look for provisions about “force majeure”, “frustration” and unforeseen circumstances
  • impact of Retail Tenancies legislation.

Do I have business insurance?

  •  Does it include business continuity?
  • If so, what is the wording? What is required to trigger recoverability?
  • Check with your insurance broker?

Business Financing

  • Is your bank or financier being proactive with assistance?
  • Check government assistance packages
  • Check with bank or financier as to flexibility
  • Check with your accountant

Impact on Existing Contracts

  • Check the terms
  • Look for provisions about “force majeure” , “frustration” and unforeseen circumstances
  • Check with the other party as to flexibility

Impact on Existing Contracts

  • What new terms are needed?

Government Assistance packages

  •  Check availability and applicability
  • Likely to be a change a number of times over time

Employees and Contractors

 Check terms of employment and relevant awards/enterprise bargains for employees

Check terms for contractors ?

Legal Options to deal with Closedown

  •  “Safe harbour” provisions under Corporations Act
  • Slight modification of directors duties

Sole Trader Issues

  •  Can business continue with me away?
  • Do I need to and can I appoint co-manager or alternative manager / operator

Legal, Tax and Accounting Advice

  •  Check ATO websites for relief provisions
  • Check with your accountant

The above was prepared for and is intended to provide a broad general overview of issues. It is not intended, and must not be relied upon, as definitive legal advice.

Greg Ross