The federal government has been called to release further details of its proposal to overhaul insolvency laws, as the profession cautiously welcomes the reform plans.
On Thursday, the government announced plans to reform the insolvency regime, effectively allowing businesses with liabilities of less than $1 million will be allowed to continue trading while they develop a debt restructuring plan within 20 business days.
The government is also looking to introduce a new small business restructuring practitioner, who will help the business develop a restructuring plan and certify the plan with creditors.
Australian Restructuring Insolvency and Turnaround Association chief executive John Winter said that while reforms to unnecessary proce…
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