Federal Government to Adopt Us-Style Insolvency Rules to Help with Expected Wave of Business Closures
The Federal Government has announced it will overhaul insolvency rules, adopting an American-style model to help small businesses struggling because of the coronavirus pandemic to either restructure or fold. The new system is two-tiered. Large companies will work under existing insolvency rules, while business with liabilities of less than $1 million will have access to …