Small businesses should have better access to debt hibernation instead of being made insolvent when they face a crisis beyond their control, so they are better able to pursue a credible restructure, save jobs and rebuild, according to the Australian Small Business and Family Enterprise Ombudsman, Bruce Billson.
It is one of several recommendations made by the Ombudsman to improve Australias insolvency laws which are being reviewed for the first time in more than three decades.
There are many reasons why a small business may become insolvent, with many outside of the business control, he said.
Yet, the current insolvency system is not sympathetic to honest failure and genuine prospects for recovery of the business or business owner. The …
Read the full article at: https://retailworldmagazine.com.au/calls-for-overhaul-of-insolvency-laws/