The primacy of the Australian Taxation Office as Australias biggest creditor when it comes to corporate insolvencies is being put under fresh scrutiny, as the Albanese government puts the spotlight on reforming mechanisms for winding up failed businesses.
The Parliamentary Joint Committee on Corporations and Financial Services kicks off its Inquiry into Corporate Insolvency in Australia as the government and corporate sectors look to limit the fallout from businesses collapsing.
Chaired by senator Deb ONeill, the insolvency inquiry comes against a darkening economic backdrop of rising interest rates, ballooning energy costs and galloping inflation that is now hitting businesses that survived Covid on fiscal life support from JobKeeper a…
Read the full article at: https://www.themandarin.com.au/208646-ato-put-under-scrutiny-for-role-in-rising-insolvencies/