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.
