The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 came into effect on 1 July 2024

The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 (the “Act”) which was signed into law on 9 May 2024 came into effect this past Monday, 1 July 2024.  This Act updates winding up provisions in the Companies Act 2014, as well as changing the test for reckless trading.  Whilst the primary focus of the government press release (click here to read) is on the employment aspects of the Act, it is important to note that the updates regarding the winding up provisions and the test for reckless trading also came into effect on 1 July.