Legislation to strengthen nation’s insolvency system to better support small businesses dealing with the economic impact of Covid-19 is passed by parliament.
- The legislation introduces a new, simplified debt restructuring process that can be accessed by small businesses, and draws on key features of the Chapter 11 bankruptcy model in the U.S.
- A new simplified liquidation pathway will also be introduced to allow faster and lower-cost liquidation, increasing returns for creditors and employees.
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