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

0
164
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.

READ  Presidents Club trio failed in duties, says watchdog (Report)

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.

READ  SeaWorld Dolphin snatches iPad from woman's hands (Watch)

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.