Dr Amanda Bull, a legal scholar at the Queensland University of Technology who recently completed a PhD examining Australia’s small business restructuring (SBR) regime, says Australia’s insolvency frameworks require an overhaul.
Speaking to Accountants Daily, she said Australia’s personal and business insolvency frameworks interfaced poorly, leading to worse outcomes for business owners and the broader economy.
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“When you’re dealing with small businesses, there’s really this great deal of mixing of personal and corporate funds,” Bull said.
“So if something goes wrong with the company … it’s not just your company that will suffer those consequences. It’s…