Business
Insolvency relief extended until new year – The Australian Financial Review
Increased thresholds at which creditors can issue a demand on a company and or initiate bankruptcy proceedings have been extended out until December 31.
The extended relief will also help to maintain confidence, allowing viable businesses to survive as they adapt to a new COVID-safe economy.
Banks are already preparing to deal with company failures. ANZ chief executive Shayne Elliott said on Friday that the bank was building up teams to deal with the pain next year.
“We do believe there will be a pick up in insolvencies next year and we are making sure we are resourced appropriately to deal with that,” Mr Elliott told a parliamentary committee…
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