Federal Government to adopt US-style insolvency rules to help with expected wave of business closures says Treasurer Josh Frydenberg in reference to Australian Federal Governments recent (year 2020) reforms to Australias insolvency framework.

Required:

With reference to the relevant Australian Government websites, present an executive summary (maximum in 500 word) elaborating on what temporary flexibility in the Corporations Act 2001 is provided in year 2020 for the companies due to the impact of Coronavirus.