The inevitable spike in business insolvency numbers as a result of the COVID-19 crisis should lead to permanent legislative reform around bankruptcy, says an insolvency expert.
Part of the governments $66 billion stimulus package announced in late March saw relief for company directors faced with insolvency and statutory demands from creditors, which is set to last until September.
However, while the relief has been largely welcomed given the economic downturn brought about by the COVID-19 pandemic, insolvency experts are concerned about the likely spike in insolvencies that will follow the relief measures being withdrawn.
Former Australian Restructuring Insolvency and Turnaround Association (ARITA) legal director Michael Murray said …
Read the full article at: https://www.accountantsdaily.com.au/business/14356-incoming-insolvency-spike-could-prompt-bankruptcy-changes