New Small Business Insolvency Laws – Temporary Laws Lapsing – Insolvency – Staff Training Offer

2020 – A year of change like no other and the insolvency sector is far from exempt.

At the commencement of the pandemic the Federal Government introduced Temporary Insolvency Laws providing a temporary expemption from Insolvent Trading and increases the the thresholds and time for compliance with a Statutory Demand.  These temporary laws are due to cease at midnight on 31 December 2020.

But all is not lost, on 1 January 2021, new Small Business Insolvency Laws are due to commence providing, amongst other things, a Restructuring pathway for Small Business and a simplified liquidation process.  There are hurdle requirements for entering the Restructuring process relating to tax compliance and employee entitlements as well as a debt threshold of not more than $1 million dollars.

In addition One Year Bankruptcy is back on the agenda and who knows what other reform/laws may be mooted as the financial impact of this health crisis starts to unfold.

Given the changes that have occured, are due to occur and may occur in the near future, it is an opportune time for you and your team to speak to the team at Dye & Co and organise your in-house or virtual team training session or a presentation for your discussion group.

If you are interested in organising a training session or presentation do not hesitate to contact Olenka via email or speak to your Dye & Co contact directly.