Thats why the Morrison government is committed to building on our already significant insolvency reforms, keeping more businesses in business and driving Australias economic growth.
The new measures will make up part of the non-spending announcements in the May 11 budget and undergo a period of consultation and review to determine if and how they should proceed.
Debtor in possession
Sweeping insolvency reforms, the broadest in 30 years, announced in last years budget, and which came into effect on January 1, were limited to incorporated business with liabilities of up to $1 million.
Under the changes, small businesses in financial distress can seek advice from an insolvency practitioner on developing a restructuring plan. If 50 per cent…
Read the full article at: https://www.afr.com/politics/federal/insolvency-overhaul-to-assist-pandemic-rebuilding-efforts-20210502-p57o6j
