Reforms to small business insolvency rules are designed to relieve the debt burden on small businesses hit hard by COVID-19. Photo: File.
Small businesses struggling with debt have been offered a lifeline through reforms to small business insolvency rules.
The changes to Australias insolvency rules were designed to assist with restructuring and relieving the debt burden of small businesses impacted by the COVID-19 pandemic.
The changes, including a new debt restructuring process and a simplified liquidation process, will apply to incorporated small businesses that have less than $1 million in debts. Small businesses comprised around 76 per cent of the companies that entered into external administration during the 2019 financial year….
Read the full article at: https://the-riotact.com/new-options-for-small-businesses-struggling-with-debt/433819