The Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 were passed by Federal Parliament on Thursday 10 December 2020.
The reforms included in the bill are intended to take effect on 1 January 2021 to assist with the economic impacts of COVID 19 and to replace the temporary Covid relief measures with respect to statutory demands and insolvent trading.
The reforms contemplate two new models / concepts:
- Small Business restructuring;
- Simplified liquidation.
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