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Commencing in 2021, the Federal Government has announced a new, simplified small business restructuring process for small businesses as part of the economic relief reforms.

Further to our article regarding the Treasurer’s announcement on 9 September 2020, the Queensland Government yesterday released administrative guidelines for introducing a duty exemption for some small business restructures in the form of Public Ruling DA000.16.1.

On 23 September 2020, Treasurer Josh Frydenberg announced the most significant insolvency reform in the last 30 years

When COVID hit, the combination of JobKeeper, banks deferring principal and interest payments, and temporary changes to insolvency laws gave businesses some much needed breathing space – preventing the immediate tsunami of insolvencies many were anticipating.

One challenge for many businesses contemplating a DOCA, is how to fund employee entitlements. The government support scheme for employees of insolvent companies, known as the Fair Entitlements Guarantee, is currently only available in a liquidation.

With the world in the grips of COVID-19 and facing tough knock-on effects to all parts of the economy, the Australian Government has released multiple massive support packages to provide relief to individuals and business owners.

With the world now in the midst of a global pandemic, businesses are facing disruptions across all aspects of their operations and in the marketplace. These disruptions are challenging for everyone in different ways — but for some businesses, it means confronting a very stark reality: heading into the zone of insolvency for reasons outside their control.