Business
Federal Government to adopt US-style insolvency rules to help with expected wave of business closures, says Treasurer Josh Frydenberg – ABC News
Treasurer Josh Frydenberg says the insolvency reforms will allow small businesses to restructure their debts while remaining in control of their business, rather than immediately being placed in the hands of an administrator or creditors.
The Federal Government is planning to overhaul insolvency rules, adopting an American-style model to help small businesses struggling because of the coronavirus pandemic to either restructure or fold.
Key points:
- Finance bodies expect a wave of insolvencies when emergency protections for business owners expire at the end of the year
- The reforms will allow small businesses to restructure their debts while remaining in control of their business, the Treasurer says
- The co…
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