Brenton Devanny explains what has changed in insolvency law, how it has affected small business and what the package of reforms promise for small business in 2021.
This presentation includes a summary of changes to insolvent trading, statutory demands and bankruptcy notices, and generally the proposed debtor-in-possession restructuring regime and simplified liquidations.
From a small business perspective, this can provide opportunities for restructure as a debtor, but provide real risks to small businesses that find themselves unsecured creditors.
