Are you aware of the new Australian Governments insolvency reforms?
The Australian Government’s #insolvency reforms for small business have now been in place for a month – since the beginning of this year.
The reforms followed the temporary measures introduced in March 2020 in response to the COVID-19 pandemic. If you’re an incorporated #smallbusiness with liabilities of less than $1 million, you’ll want to know about them!
The reforms include a new:
- debt-restructuring process for incorporated small businesses
- simplified liquidation process for incorporated small businesses
- ‘class’ of registered liquidator
These reforms will soften insolvency laws, enabling many organisations to restructure their business without going into #administration, but still receive an umbrella to provide the time and protection required for a restructure.
At AB Debt Advisor, we can utilise these reforms to employ our proven turn-around practices without your business being in the traditional, expensive, and onerous model of administration. Importantly, the new model allows you to retain control of your business at all times.