Recorded Webinar: Weathering the Pandemic Storm: The New Insolvency Reforms to Support Small Business

Heralded as the most significant reforms to Australia’s insolvency framework in almost 30 years, the recent changes announced by the Federal Government will help more small businesses restructure and survive the economic impact of COVID-19. With the reforms likely to cover around 76 per cent of businesses subject to insolvencies today, it is vital that advisers of small business are across the key changes. This presentation covers the important changes and their practical implications, including:

• The introduction of a new debt restructuring process for incorporated businesses with liabilities of less than $1 million

• Moving from a one-size-fits-all “creditor in possession” model to a more flexible “debtor in possession” model

• Development of restructuring plans – timeframes and requirements

• A simplified liquidation pathway for small businesses to allow faster and lower cost liquidation

• Red tape cuts for the insolvency sector