The federal governments announcement that it would undertake the most significant reforms to Australias insolvency framework in 30 years is welcome news for many small businesses.
For directors, it will be very important to carefully consider the information in the governments fact sheet outlining the reform process.
BDOs business restructuring experts identified a number of issues that a director remaining in control of a business under a Chapter 11-styled restructure would need to consider.
The reform process outlined in the fact sheet details that a director remains in control of a businesss affairs for up to seven weeks, once the businesss creditors have been notified that it has accessed the regime.
The first four weeks of the pr…
Read the full article at: https://www.accountantsdaily.com.au/columns/14898-what-directors-need-to-know-about-the-most-significant-insolvency-reforms-in-decades
