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New insolvency rules commence

 

The measures from 1st January 2021 apply to incorporated companies with liabilities less than $1 million. 

 



       

For those businesses that are “unable to survive”, a new simplified “liquidation pathway” will apply for small businesses to allow faster and lower-cost liquidation.

 

To be eligible to access this new process a company must:

 

  • have total liabilities which do not exceed $1 million on the day the company enters the process – this excludes employee entitlements;
     
  • appoint a small business restructuring practitioner to oversee the restructuring process, including working with the business to develop a debt restructuring plan and restructuring proposal statement.

 

This principle has the potential to allow continuation of a longer term successful businesses hit by short-term or COVID cash flow difficulties.

 

 

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13th-June-2021
 

Agostinelli Perlen
Phone: (03) 9654 2022 // Fax: (03) 9654 2044 // Email: info@agpe.com.au

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