Insolvency law changes effective today

It’s a new year and with that comes a whole series of new laws.

Today, the Federal Government’s moratorium on insolvent trading liability (under section 588GAAA of the Corporations Act 2001 (Cth)) comes to an end, as do a series of changes to the timing and threshold amounts for statutory declarations.

At the same time, the new small business restructuring regime under new Part 5.3B of the Corporations Act, and the new simplified liquidation regime, have also come into effect.

If you would like to talk about a business in financial distress, please contact our insolvency and restructuring team for a chat.