On the 24 September 2020, the Australian Government announced changes to Australias insolvency framework to better serve Australian small businesses, their creditors and their employees. The changes introduced new processes suitable for small businesses, reducing complexity, time and costs for small businesses. Effective from 1 January 2021, these are the most significant reforms to Australias insolvency framework in 30 years as part of the economic recovery plan to help business and protect jobs, which draw on key features from Chapter 11 of the Bankruptcy Code in the United States. Two years into the effectiveness of these measures, we will have a review of both the measures and the reality, with a comparison to those in India.
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Read the full article at: https://law.anu.edu.au/news-and-events/event-calendar/reforms-small-business-insolvency-australia-and-india
