Months after sweeping changes to insolvency laws, the budget revealed the government will re-examine what should happen when businesses go bust.
Key points:
- Laws around how failed businesses are wound-upwill be re-examined
- Broad, temporary protections set up during the pandemic have ended
- Sweeping changes were introduced in January, but have notbeen used much
That could mean a lot for businesses in trouble and thosechasing debts from them.
Robyn Erskine, partner at insolvency firm Brooke Bird, said it was disturbing the government was again raking over the systems used when businesses need to be wound up.
“They’re back having a look at that regime, only months after the introduction, and that creates uncertainty in the marketplace,” she argue…
Read the full article at: https://www.abc.net.au/news/2021-05-14/insolvency-laws-set-for-reform-months-after-introduction/100132666
