The extended relief will also help to maintain confidence, allowing viable businesses to survive as they adapt to a new COVID-safe economy.
Banks are already preparing to deal with company failures. ANZ chief executive Shayne Elliott said on Friday that the bank was building up teams to deal with the pain next year.
“We do believe there will be a pick up in insolvencies next year and we are making sure we are resourced appropriately to deal with that,” Mr Elliott told a parliamentary committee. “We are making sure we are preparing from a resources point of view so adding people and a cultural point of view so how to deal with [company failures].”
Voluntary administrations across the country have fallen 60 per cent compared to the sam…
Read the full article at: https://www.afr.com/politics/federal/insolvency-relief-extended-until-new-year-20200904-p55slo
