Back From The Brink - Australia's New Small Business Insolvency Laws
In this episode I chat with Kelly Meyn of Avior Consulting about Australia's new insolvency laws for small business which came in to affect from January 2021. The new laws help small business to return from what would otherwise be the brink of insolvency. The main benefits for small business are:
- a new debt restructuring process for businesses with debts up to $1 million
- allows company directors to remain in control of their business and continue to trade while they restructure their existing business debts.
In this chat with Kelly Meyn we look at the benefits to small business, the eligibility of a business to use this restructuring and the process to go about it.