The Federal Government says it has commenced with the most important changes to Australias insolvency framework in 30years.
From 1 January, eligible businesses experiencing financial distress can access a new, simplified debt restructuring process that allows them to restructure their existing debts while remaining in control of their business, the Government said in a statement.
Repositioning the countrys insolvency system
The reforms are aimed at repositioning the countrys insolvency system to help more incorporated small businesses with liabilities of less than $1-million restructure and survive the economic impact of the Covid-19 recession.
As the economy continues to recover, it will be critical that distressed businesses have t…
Read the full article at: https://www.australiantimes.co.uk/news/insolvency-reforms-to-support-small-businesses-start-from-1-january/