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2 April 2020

Issues For Business In Difficult Times

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 us.

What is changed in my business?	Does the business lease premises or Goods?
Compulsory closure? Social distancing issues? Logistics and supply line issues?	Check the lease terms Look for provisions about “force majeure”, “frustration” and unforeseen circumstances impact of Retail Tenancies legislation.

Do I have business insurance	Business Financing
Does it include business continuity? If so, what is the wording? What is required to trigger recoverability? Check with your insurance broker	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	Impact• What new terms are needed? on New Contracts?
Check the terms Look for provisions about “force majeure” , “frustration” and unforeseen circumstances Check with the other party as to flexibility	What new terms are needed?

Government Assistance packages	Employees and Contractors
Check availability and applicability Likely to be a change a number of times over time	Check terms of employment and relevant awards/enterprise bargains/? WH&S issues Check terms for contractors

Legal Options to deal with Closedown	Sole Trader Issues
“Safe harbour” provisions under Corporations Act Slight modification of directors duties	Can business continue with me away? Do I need to and can I appoint co-manager or alternative manager

Legal, Tax and Accounting Advice
Check ATO websites for relief provisions Check with your accountant

If you have any query, please feel free to call your Eakin McCaffery Cox contact to discuss.

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.

Level 28, 1 Market Street Sydney NSW 2000
PO Box Q1196 QVB NSW 1230; DX 1069 Sydney

t: (02) 9265 3000 f: (02) 9261 5918 w: www.eakin.com.au

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