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Frydenberg‘s bankruptcy law reforms will save small business amid pandemic – NEWS.com.au

Frydenberg‘s bankruptcy law reforms will save small business amid pandemic

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Thousands of small businesses on the brink of collapse will be thrown a lifeline under new reforms to insolvency laws, Treasurer Josh Frydenberg announced on Thursday.Drawing on key features of Chapter 11 of the Bankruptcy Code used in the United States, the changes will cover around three-quarters of businesses subject to insolvencies, brought on by the ongoing financial toll of the COVID-19 pandemic.
“Many businesses who are doing it tough through the COVID crisis because of health restrictio…

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