The Morrison Government continues to implement its economic recovery plan with the commencement of the most important changes to Australias insolvency framework in 30 years.
From today, 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 reforms reposition our 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 the necessary flexibility to either restructure or to wind…
Read the full article at: https://www.miragenews.com/insolvency-reforms-to-support-small-businesses-start-today/