Chapman Tripp senior associate Janko Marcetic said typically insolvency processes do not distinguish between the size and complexity of the debtor. Photo: 123RF
An insolvency lawyer says Australia’s simplified insolvency model for small- and medium-sized businesses should be considered for New Zealand.
Australia’s new small business insolvency model came into force in early 2021, and has a specific small and medium enterprise (SME) restructuring process to help firms which run into temporary issues.
The debt restructuring process has been changed to allow directors to keep control of a firm during a restructure, rather than having an insolvency professional in charge.
The liquidation process has also been simplified and made to be lo…
Read the full article at: https://www.rnz.co.nz/news/business/490457/nz-should-copy-australia-s-small-business-insolvency-model-lawyer