Blog posts tagged with 'liquidators'

The ATO are chasing a total of $54 Billion to be period, which is overdue to the exchequer (in most cases). What is the right balance here? $34 Billion is owed by SME businesses, many of whom will be sole traders, with their houses likely on the line, and have suffered with dramatic interest rate increases and an economic downturn at the same 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.