Insolvency changes to help businesses • The Accounting Division
2085
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Insolvency changes to help businesses





In what has been touted as the most significant changes to Australia’s insolvency framework in 30 years, the government has implemented changes aimed at reducing costs and cutting red-tape which are designed to help small businesses recover from the impacts of COVID-19 on the economy. This includes access a debt restructuring process with temporary relief from director’s duties and a simplified liquidation process. Creditors needn’t fret as their rights in these insolvency changes have been largely retained.

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