Legislation setting out reforms to Australias insolvency framework has now been introduced into Parliament.
The Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 has now been introduced, laying out significant changes that the government contends will help small businesses restructure and survive the economic impact of COVID-19.
The reforms are set to kick in from 1 January 2021 pending the passage of legislation.
Among the changes include allowing businesses with liabilities of less than $1 million to continue trading while they develop a debt restructuring plan.
A debt restructuring process begins with the appointment of a small business restructuring practitioner, who is now required to be a registered liquidator.
The…
Read the full article at: https://www.accountantsdaily.com.au/business/15050-small-business-insolvency-reforms-lands-in-parliament
