Shadow Minister for Employment, Industry and Small Business Brendan O’Connor. Source: AAP Image/James Ross.
The pandemic has hit small businesses hard, with many about to go to the wall. At the end of this month an avalanche of insolvencies is predicted after a regulatory freeze on bankruptcies expires.
To counter this, the Treasurer and Assistant Treasurer announced in September what they described as US Chapter 11-style insolvency reforms. These changes would see small businesses at risk of collapse able to keep trading and work out their problems with a small business restructuring practitioner instead of appointing an administrator.
On paper this looks like a great solution. In reality, we see a photo op with no follow throug…
Read the full article at: https://www.smartcompany.com.au/business-advice/politics/brendan-oconnor-insolvency-reforms-safeguards/