The Federal Government has announced that it will be reforming the insolvency laws to allow directors of small businesses which are financially distressed to remain in control with a view to restructuring rather than immediately being placed in the hands of an administrator. The changes will become effective from 1 January 2021.
What about companies that don't qualify, because they have debts of greater than $1 million? Large companies will be required to work under the existing insolvency laws, without the benefit of the temporary “Safe Harbour”.
This Webinar will examine;
- Transitioning from the temporary “Safe Harbour”
- When Voluntary Administration is the only option
- Interaction between Voluntary Administration and Receivership
- Voluntary Administration to restructure
- Voluntary Administration as a first step to winding up
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.