There is plenty in the news about an upcoming wave (some still say avalanche) of insolvencies, especially once the federal government financial support mechanisms finish at the end of March.
And while initiatives such as the small business restructuring reforms were introduced to help COVID-19 impacted SME businesses and have now come into effect theyre not as simple as the politicians would have us believe.
The Corporations (Corporate Insolvency Reforms) Act 2020 and the Corporations Amendment (Corporate Insolvency Reforms) Regulations 2020 were incorporated to, in part, introduce the Small Business Restructuring Process and the Simplified Liquidation Process.These reforms are intended to give financially challenged SMEs with debts …
Read the full article at: https://www.accountantsdaily.com.au/columns/15344-a-closer-look-at-the-small-business-restructuring-reforms