In September 2020, Treasurer Josh Frydenberg announced changes to Australia’s insolvency regime aimed at reducing the impact of the COVID pandemic on small business. He described the changes as ‘the most
significant reforms to Australia’s insolvency framework in 30 years’.
The reforms introduce two new processes, which give small businesses more options to resolve financial difficulties:
• simplified liquidation
• small business restructuring.
ARITA have produced a guide to help Credit Managers understand the new processes, which can be read here: Credit_Managers_Guide_to_SBR_FINAL