24/09/20 - Reforms announced by the Federal Government
The Federal Government today announced a package of reforms directed at streamlining insolvency processes for small business. They include:
- a new debt restructuring process to give viable small businesses a better chance of survival;
- a new, simplified liquidation process to reduce the cost and time of the winding up process where that is the only option for small business; and
- a series of complementary measures, including use of technology and relaxing registration requirements for insolvency practitioners involved in small business restructuring and liquidations.
These reforms are due to commence on 1 January 2021 following expiry of the current COVID-19 insolvency relief measures on 31 December 2020.
Learn more about the reform package