Payment Times Reporting Scheme: understanding new mandatory reporting obligations for big business

The Australian Government has recently introduced the Payment Times Reporting Scheme under the Payment Times Reporting Act 2020 (Cth) (Scheme). Under the Scheme, which came into effect on 1 January 2021, large businesses and certain government enterprises are required to report certain information relating to the payment terms and practices that apply to their engagement […]

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ASIC provides ‘no action’ relief for conducting virtual meetings and delayed AGMs

After the Federal Government’s proposed legislation to extend the temporary relief for corporations to conduct virtual meetings stalled in the Parliament, we speculated in our recent update as to whether ASIC would issue a ‘no action’ position, electing not to take regulatory action against companies conducting virtual meetings despite requirements to do so in the […]

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COVID-19 | Electronic signing and virtual meetings: New temporary relief for companies a significant step on a longer journey

In a significant development for companies, the Treasurer has utilised his new power to modify the Corporations Act 2001, the Corporations Regulations 2001, the Insolvency Practice rules, and the Passport Rules so that, for a period of six months effective from 6 May 2020: entities can hold virtual meetings without the need for a physical location; […]

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