“We recommend opening up the restructuring practitioner role for small businesses beyond the domain held by registered liquidators.
“It has gone so far as to recommend that the best people to help restructure a small business are likely to be senior accountants and even lawyers particularly in suburban and regional Australia who are closest to the business in distress. In farming, even rural debt counsellors may be appropriate.”
Currently there are just over 600 registered insolvency practitioners in Australia. But come January, thousands of companies could begin to fail.
“Australia doesnt have enough registered liquidators to cope with the forecast volumes of SMEs failures and without this change, the new proposed legislation may be in…
Read the full article at: https://www.afr.com/policy/economy/insolvency-expert-shortage-needs-accountants-lawyers-to-step-in-20201021-p5672v