The new financial year will mark sweeping reforms to insolvency rules, with a legal firm warning the impacts on new business contracts will be far-reaching.
Last September, Financial Services Minister Kelly ODwyer flagged a softening of insolvency rules in a bid to reduce the number of businesses voluntarily entering or being pushed into insolvency prematurely.
Dan Creevey, principal of Queensland-based Creevey Russell Lawyers, said changes due to come into effect on July 1 this year will be a gamechanger for the business sector, particularly those who fall on the wrong side of a struggling third-party company.
This is an attempt to shift corporate culture in Australia from what is currently viewed as one of risk avoidance and shame associa…
Read the full article at: https://www.mybusiness.com.au/sales/4302-insolvency-law-shake-up-to-impact-business-contracts