Small Business Restructuring Process News Today : Breaking News, Live Updates & Top Stories | Vimarsana

As a result of the challenges that the local market has been facing over the past years brought on by the recent pandemic, wars, and other changes in the market, the majority of businesses are faced with losses and accumulating high levels of debt. Consequently, enormous pressure is imposed on businesses, including on their viability, which, in turn, pushes the need to explore methods for overcoming these obstacles.

Is the ATO awakening?     In July, my colleague Hayden Asper, wrote in this publication that when it came to collecting outstanding tax debts, while the Australian Tax Office had cut businesses s

Appropriately branded as the ' most significant reforms to Australia's insolvency framework in 30 years' the Corporations Amendment (Corporate Insolvency Reforms) Bill was introduced to Parliament on 12 November 2020, following public consultation in October 2020 and passed both houses on 10 December 2020. The amendments to the be effective from implement a new Small Business Restructuring Process (likened to the US Chapter 11 process), by which eligible small companies may restructure their debts with the assistance of a Small Business Restructuring Practitioner, but without the appointme...

A significant leap forward in Australia's insolvency regime By Olvera First|10 January 2021 Promoted by Olvera First Insolvency law has long been a blunt instrument for resolving the financial pitfalls of small business. Lacking the resources, knowhow and sheer resilience of their larger cousins, small businesses are ill-equipped to survive the insolvency process, often leading to sub-optimal outcomes for both owners and creditors. Thankfully, change is here. The federal government has passed through the most wide-ranging reforms of Australia's insolvency framework in at least 30 years. Whil...

Wednesday, December 23, 2020 For many, 2020 has been the year to forget. The Coronavirus pandemic (COVID-19) has halted global economies and initiated recessions across continents and countries, including Australia. In an attempt to alleviate the financial impact of COVID-19, the Australian Government has implemented various reforms (both temporary and permanent) designed to provide relief to financially distressed businesses. One sector hardest hit is that of small businesses and the Australian Government has now finalised a new restructuring process for small businesses, commencin...