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Small business restructuring is coming and it's good news for small business
Small business restructuring is coming and it's good news for small business. This week Treasury released draft legislation for public comment that describes a small business restructuring procedure. The draft legislation can be found at https://treasury.gov.au/consultation/c2020-118203 If passed by Parliament, the restructuring procedure will come into force on 1 January 2021. The intent of the legislation is to allow directors to remain in control of their company’s business whilst they put a deal to unsecured creditors to compromise company debts to enable a return to solvency.
Read moreExtension of insolvent trading laws to 31 December 2020 – Use the time wisely
The Government has given Australian businesses an opportunity to prepare themselves for the “new normal” of business conditions when the COVID restrictions ease. That opportunity is through the extension of the time for compliance with a creditor’s statutory demand notice and the effective suspension of the duty of company directors to prevent insolvent trading.
Read morePlanning for future success
The likelihood of a swift business turnaround occurring after the impacts of COVID-19 lifts is a matter that is hotly debated in the business press. We hear of V curves, U curves or even W curves; who really knows?
Read moreNew Associate Director Appointed Offering Personal Insolvency Advice to Clients
The Directors of Heard Phillips Lieberenz are excited to announce the appointment of Victoria Young as an Associate Director of our firm, who will lead our firm’s personal insolvency service line.
Read moreBack to Business – Better Business
Just as business owners have planned how to survive the challenge of hibernation, they must now plan the challenge of restarting their businesses.
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