The Productivity Commission has recommended the federal government introduce a streamlined process for small businesses going through a voluntary liquidation.
The recommendation is one of 15 contained in the commissions final report into the barriers to setting up and closing or transferring a business in Australia, which commenced in November 2014.
Released on December 7, the report also contained several recommendations to overhaul insolvency laws, some of which were also included in the governments innovation statement.
As previously reported by SmartCompany, the government used the innovation statement to reveal plans to reduce the current default bankruptcy period from three years to one year.
The government also wants to intr…
Read the full article at: http://www.smartcompany.com.au/finance/49391-productivity-commission-recommends-streamlining-liquidations-for-small-business-and-giving-directors-id-numbers-to-track-potential-phoenix-activity.html