Business
Bankruptcy law overhaul to save small businesses on brink of COVID collapse – 7NEWS.com.au
Small businesses facing closure will be thrown a lifeline amid the worst economic downturn in a century.
Thousands of small businesses on the brink of collapse will be thrown a lifeline under new reforms to bankruptcy laws.
The changes, to be unveiled by Treasurer Josh Frydenberg on Thursday, will cover around three-quarters of businesses subject to insolvencies today.
They will draw on key features of the Chapter 11 bankruptcy code used in the United States.
Key elements of the reforms include:
- The introduction of a new debt restructuring process for incorporated businesses with liabil…
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