Australia's new "debtor in possession" corporate insolvency regime for small business

In brief

The Treasurer has today announced two new corporate insolvency regimes:

  1. a new "debtor in possession" restructuring plan process; and
  2. a new simplified liquidation process,

due to commence from 1 January 2021 and available to companies with liabilities of less than A$1m.

Restructuring Plan Process

The new restructuring plan process involves:

Filed under:
Australia, Insolvency & Restructuring, Baker McKenzie
Authors:
Maria O'Brien , Peter Lucarelli , Ian Innes
Location:
Australia
Firm:
Baker McKenzie