Legal News & Insights
Force majeure: How legal agreements can protect businesses against the ripple effects of Novel Coronavirus
The latest strain of coronavirus is not only a health concern. It is also affecting contracts, insurance policies and other agreements. Businesses are relying on force majeure clauses and other contractual devices to protect themselves from the fallout.
Changes to company laws has tightened regulation of Australia’s company law landscape, targeting illegal phoenixing and extending director liabilities. It’s estimated that the annual direct impact of phoenixing activity costs the Australian economy between $2.85 and $5.13 billion.
If you’re not an officially appointed company director, you may be operating as a shadow director, or de facto director. You need to be aware of your legal obligations, especially if there’s a question of insolvency or fraud.