Small business has been hit hard by COVID-19.
Health restrictions forced many small businesses to close their doors, while others have managed to stay open, albeit with significantly less foot traffic through their store.
Meanwhile, bills rack up, be it for energy, insurance, rent or interest on a loan all of which need to eventually be paid.
While JobKeeper and the cash flow boost have undoubtedly helped, we know that in this COVID-induced recession some businesses will not survive in their current form.
For many, through no fault of their own, the insolvency process will be their next and last stop.
Under the present system, the majority of businesses that enter voluntary administration are deregistered within three years.
However, ma…
Read the full article at: https://www.businessnewsaus.com.au/articles/treasurer-to-adopt-us-style-insolvency-laws-to-stop-wave-of-small-business-closures.html
