NEW SMALL BUSINESS RESTRUCTURING PROCESS AVAILABLE IN AUSTRALIA FROM 1 JAN 2021! ARE YOU ELIGIBLE?

Описание: BREAKING NEWS!!

Yesterday afternoon (10 December 2020), the Australian parliament passed the new small business insolvency reform law.

This means from 1 January 2021, small businesses will have two new processes available to them if they are in financial difficulty, being:

Small Business Restructuring; and
Small Business Simplified Liquidation.

As our industry body tells us there are some issues with the way the new Small Business Simplified Liquidation laws are currently written, I’ll give you more information on Small Business Simplified Liquidations once the issues are fixed.

So in this video I cover:

1. Who is eligible to use the new Small business restructuring process:

Small businesses in a company structure (not sole traders or partnerships)
With debts less than $1 million, excluding contingent debts
Employee entitlements which are due for payment must be paid (typically wages/salaries and superannuation)
ATO lodgements must be up to date (lodgements, not payments)

2. How does the new small business restructuring process affect different stakeholders – small businesses, unsecured creditors, secured creditors, employees and related party creditors

#accounting #law #business #management #australia #covid19

Do you have questions about liquidation or bankruptcy? Call me (Louisa Sijabat) on 02 8224 8207 and I'll walk you through the process, step by step, and answer all of your questions.

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