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New insolvency rules commence

The measures from 1^st January 2021 apply to incorporated companies with liabilities less than $1 million.

For those businesses that are “unable to survive”, a new simplified “liquidation pathway” will apply for small businesses to allow faster and lower-cost liquidation.

To be eligible to access this new process a company must:

have total liabilities which do not exceed $1 million on the day the company enters the process – this excludes employee entitlements;
appoint a small business restructuring practitioner to oversee the restructuring process, including working with the business to develop a debt restructuring plan and restructuring proposal statement.

This principle has the potential to allow continuation of a longer-term successful business hit by short-term or covid cash flow difficulties.

AcctWeb

15th-May-2021