One of the of the nations top insolvency lawyers yesterday urged the Turnbull government to go further in its business law reforms that are aimed at encouraging entrepreneurs to have a go.
Arnold Bloch Leibler partner Leon Zwier, backing central planks of the governments insolvency reforms in its innovation statement, said the new protections would make it far easier to reconstruct stricken companies.
But he added that reform should be extended to introduce a ban on creditors from taking legal action when schemes of arrangement used to restructure distressed but solvent companies were put forward.
While the schemes were used successfully in the reconstruction of companies such as Nine Entertainment, there had been concerns that indi…
Read the full article at: http://www.businessspectator.com.au/news/2015/12/9/australian-news/insolvency-reforms-dont-go-far-enough