Australia’s corporate insolvency system is too complex, hard to access and unnecessarily costly and needs a major overhaul.
That is the conclusion of a long-running inquiry into the system by the federal parliament’s corporations and financial services committee released on Wednesday.
“Australia’s corporate insolvency system is overly complex, difficult to access, and creates unnecessary cost and confusion for both debtors and creditors,” the report concluded.
“Tellingly, few parties seem satisfied with the system as it stands.”
It said unsecured creditors were frustrated by stubbornly low returns.
Debtors, particularly smaller businesses, regard opportunities for restructure as lacking and system costs as excessive.
And insolvency p…
Read the full article at: https://au.news.yahoo.com/inquiry-calls-shake-insolvency-laws-062200120.html