15 Dec 2020 Comments (0) Chapter 11 Bankruptcy Provisions introduced in Australia for the first time
The federal government introduced the legislation to Parliament in November and the reforms represent the most important changes to Australia’s insolvency framework in 30 years. The legislation includes a new, simplified debt restructuring process that can be accessed by small businesses experiencing distress, which draws on key features of the Chapter 11 bankruptcy model in the United States and will apply to incorporated businesses with liabilities of less than $1 million.
