Insolvency Reforms: What Does This Mean For Your Business?
It has been extremely difficult for many business owners to keep their business afloat amid the COVID-19 crisis. Throwing a lifeline to small businesses, the government has overhauled insolvency laws to save thousands of jobs and companies on the verge of collapse. What Are The Changes? From the current ‘creditor-in-possession’ regime, Australia’s insolvency laws will shift to a ‘debtor-in-possession system’. Entities with liabilities below $1 million will be able to… Read more