Coronavirus Australia Updates: Treasurer’s plan for COVID-19 overhaul of bankruptcy laws

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Coronavirus Australia Updates: Treasurer's plan for COVID-19 overhaul of bankruptcy laws
Coronavirus Australia Updates: Treasurer's plan for COVID-19 overhaul of bankruptcy laws

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.

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