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The Law Council of Australia is encouraging the Governments move away from theone-size-fits-all approach when dealing with small businesses facing insolvency to be fast-tracked.
The reforms to the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 aim to establish a new formal debt restructuring process for eligible small businesses, to enable financially distressed but viable firms to restructure their existing debts and continue to trade.
The Council, in consultation with its Business Law Sections Insolvency & Restructuring Committee, the Corporations Committee and the SME Business Law Committee, is in broad agreement with the Treasurys draft exposure bill, acknowledging that the initiatives …
Read the full article at: https://dynamicbusiness.com.au/topics/small-business-resources/law-council-calls-for-sme-insolvency-reform-to-be-fast-tracked.html
