As part of the general business cycle, there are always a certain number of companies that get wound up, every week, and looking at the statistics at the moment, there have only been a handful of external administrations. Many are suggesting that there are upwards of 2000 businesses that would have ordinarily failed since March but that is not happening at the moment because of two things.
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Firstly, the current minimum threshold for creditors issuing a statutory demand on a company went from $2000 to $20,000 and secondly the statutory demand period went from 21 days to 6 months.
These measures pose risks if they continue.
The longer this continues, without a viable and …
Read the full article at: https://www.couriermail.com.au/business/qld-business-monthly/insolvency-risks-will-add-up-without-good-planning/news-story/595545be1e7e01f25c846138ea6a7abe
