Tens of thousands of businesses could collapse by mid next year as changes to insolvency laws kick in and economic stimulus measures such as JobKeeper come to an end, insolvency experts say.
Key points:
- The proposed changes to insolvency laws could help identify companies that should have never survived but have because of COVID-19 stimulus support
- There are still fears that while tens of thousands of businesses will likely fall, some companies that shouldn’t be trading still might be able to
- The industry has warned against watering down training for insolvency professionals as the Government tries to boost numbers
The insolvency industry has cautiously welcomed Treasurer Josh Frydenberg’s biggest overhaul of bankruptcy law in decades, draw…
Read the full article at: https://www.abc.net.au/news/2020-09-24/tens-of-thousands-of-businesses-could-collapse-insolvencies-law/12698370
