Liquidators get paid three times as much to shut down a business as they do to save it, says Australian Small Business and Family Enterprise Ombudsman Bruce Billson, whos called for an overhaul of insolvency laws that are now being reviewed for the first time in more than three decades.
 |
| ‘Current system not sympathetic to prospects for recovery’: ASBFEO Bruce Billson |
Small businesses should have better access to debt hibernation instead of being made insolvent when they face a crisis beyond their control, so they are better able to pursue a credible restructure, save jobs and rebuild, according to Billson.
It is one of several recommendations made by the Ombudsman to improve Australias insolvency laws which are being revie…
Read the full article at: https://www.wideformatonline.com/news/wide-format-news/12465-small-business-insolvency-laws-need-overhaul-asbfeo.html