On 1 January 2021, significant changes to Australia’s restructuring and liquidation regime came into effect for small businesses, including a new restructuring process. These changes were announced on 24 September 2020, however many aspects of the pending changes did not become clear until the bill and associated regulations were released in December 2020. These changes are part of a series of measures introduced in Australia in response to the current and anticipated economic impact of the COVID-19 pandemic. See Jeffrey Black and Nick White’s previous discussion on these issues, here and here.
Now that the legislation has commenced, the … Continue Reading