Insolvency reforms for small business

Insolvency reforms commenced 1 January 2021. The reforms will introduce a new simplified process for restructuring and winding up small businesses. This is intended to facilitate additional options to 'save' small businesses and, where liquidation is necessary, facilitate greater potential returns for creditors and employees.

Draft legislation has been released, with further information from the rules and regulations expected soon. Partner Scott Butler has been involved in preparing the Law Council's submissions to the Federal Government regarding the reforms.

In this webinar, Scott discusses what you need to know about these reforms including:

• key legislation changes;
• what advisors, small business directors and owners need to know about the new process; and
• what insolvency practitioners need to understand.