The proposed changes will allow businesses to keep trading while they develop a debt restructuring plan. Photo: Supplied.
Federal Treasurer Josh Frydenberg has announced plans to overhaul insolvency rules in an effort to help small businesses that are struggling because of the coronavirus pandemic.
The changes will apply to businesses with liabilities of less than $1 million and would see small business owners remain in control of their company and assets, rather than immediately being placed in the hands of an administrator.
The Treasurer says the changes will help viable small businesses to trade out of the current crisis rather than going into a liquidation process where they lose control of the company.
We want those businesses t…
Read the full article at: https://the-riotact.com/small-business-to-be-offered-a-lifeline-under-new-insolvency-rules/406856
