In this article, we answer some of the frequently asked questions relating to the Federal Government’s simplified liquidation process, including the cost of carrying out the liquidation.
To ensure Australians in financial difficulty are not made bankrupt over relatively small amounts of debt the Bankruptcy Threshold has been set at $10,000.
The Australian Securities and Investments Commission and the Australian Financial Security Authority recently released the statistics for insolvency appointments across Australia.
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… Read more »
It is clear that many people deferring loan repayments are not in a position to continue with mortgage repayments when the deferral period ends.
So, what can you do if you worry that you may not be able to continue with mortgage repayments?
The government has recently extended the JobKeeper program to March 2021, albeit in reduced sums. Other measures have also been extended to 31 December.
The Australian Federal Government has recently announced reforms to the current insolvency regime. One of the proposed reforms is aimed at simplifying the restructuring process for eligible small businesses.
There are signs hat the stimulus measures introduced during COVID19, might be keeping businesses which would otherwise have folded, alive.