Federal Treasurer Josh Frydenberg is due to reveal a proposed overhaul of bankruptcy laws that aims to help small businesses through the pandemic.
In a speech to the Australian Chamber of Commerce and Industry today, Frydenberg will outline the government’s fiscal strategy ahead of the forthcoming Federal Budget.
The new US-style changes will, according to the Sydney Morning Herald, allow businesses with liabilities of under $1 million to access accredited support as they restructure — allowing them to stay in control and ameliorating the crippling costs that generally come with putting a business into external administration.
The move comes amid predictions of a ‘wave’ of Australian small businesses folding at the end of the year, as millions lose access to government-funded COVID-19 support packages.
