SME Insolvency Reform – Consultation Process

Dear TMA Members,

On the 24 September 2020, the Government announced changes to Australia’s insolvency framework to better serve Australian small businesses, their creditors and their employees.  We refer you to TMA’s previous communications. 

The changes will introduce new processes suitable for small businesses, reducing complexity, time and costs for small businesses. See the Exposure Draft and Explanatory Materials launched today (7 October 2020) at https://treasury.gov.au/consultation/c2020-118203

A very short consultation process involving the TMA amongst other stakeholders, is already underway and public consultation on the exposure draft legislation and explanatory material will close on 12 October 2020.

The TMA is preparing its submission but would like to invite members to respond. Given the urgency and short time frame if you are able to respond please do so by no later than close of business, 8 October 2020 by replying to info@turnaround.org.au.

Kind regards,
Carl Gunther
TMA Australia President