On 24 September 2020 the Government announced reforms to Australia’s insolvency framework to better serve Australian small businesses, their creditors and their employees.
The reforms, which came into effect on 1 January 2021, introduced new insolvency processes suitable for small businesses, reducing complexity, time and costs. These processes enable more Australian small businesses to quickly restructure. Where restructure is not possible, businesses can wind up faster, enabling greater returns for creditors and employees.
Following the introduction of the small business reforms, amendments to primary and subordinate legislation are proposed to support the new insolvency processes.
Public consultation on the exposure draft legislation and explanatory material will close on 7 May 2021.
You can submit responses to this consultation up until 07 May 2021. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Market Conduct Division
PARKES ACT 2600