Those looking for the detail on insolvency changes announced in the Federal Governments long awaited innovation statement wont find it on the government website.
But the Productivity Commissions report, Business set-up, Transfer and Closure, also released yesterday, acts as a companion piece to explain the Federal Governments intention to introduce significant changes to Australias insolvency and restructuring laws.
The reports released today recognise that our restructuring laws have fallen behind world best practice. We need to ensure that our laws provide appropriately flexible mechanisms to achieve good commercial outcomes from restructuring efforts.
Current laws
Australias laws provide both formal insolvency processes (…
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