The Australian Federal Government is proposing a simplified small business restructuring process (SBRP). We have covered the key features of the proposal here:
The Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 passed the House of Representatives on 8 December 2020 after three readings. It will now be debated in the Senate, and it is set to begin on 1 January 2021.
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As written here, the proposed scheme will allow businesses with unmanageable debts, including tax debts, to settle the debts in a cost effective manner. We, as registered liquidators, will be authorised to carry out the SBRP.
So, please get in touch with us on 1300 906 966 or send us an email at email@example.com to arrange a free confidential initial discussion. Now is the time to start planning and be prepared to take advantage of the proposed scheme.