Business
Owners to retain control of businesses in financial distress under Coalition pandemic plan – The Guardian
The government is proposing a ‘debtor in possession’ model that will leave the owner in charge rather than an administrator
Small businesses in financial distress due to the Covid recession but still considered viable could be left in the hands of their owners rather than placed into administration under a new debt restructuring process to be unveiled by the Morrison government.
The Coalition will introduce the new process for incorporated businesses with liabilities of less than $1m as part of an overhaul of the insolvency framework intended to ensure more businesses survive the economic shock of the pandemic.
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