The Government has made changes to our insolvency framework to better serve Australian small businesses, their creditors and their employees. The changes introduce new processes suitable for small businesses from 1 January 2021, reducing complexity, time and costs for small businesses.
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| The aim of the new legislation is to protect jobs, SMEs and social coherence, by ‘buying time’ |
The changes will enable more Australian small businesses to quickly restructure and to survive the economic impact of COVID-19. Where restructure is not possible, businesses will be able to wind up faster, enabling greater returns for creditors and employees.
These reforms are the most significant changes to the Australian insolvency framework in alm…
Read the full article at: https://www.wideformatonline.com/news/wide-format-news/10929-new-sme-administration-liquidation-rules.html
