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The small business restructuring process - some thoughts and considerations

Introduction

Australia, United Kingdom, USA, Capital Markets, Insolvency & Restructuring, DLA Piper, Corporate governance
New restructuring process for Australian small businesses when temporary COVID-19 relief measures are lifted on 1 January 2021

Treasurer Josh Frydenberg announced on 24 September 2020 (view announcement here) the introduction from 1 January 2021 of an innovative new restructuring process for Australian small incorporated businesses with liabilities less than AUD1 million, which adopts key aspects of the US Chapter 11 bankruptcy process.

USA, Insolvency & Restructuring, DLA Piper, Coronavirus
Proposed insolvency (and other) relief for businesses impacted by COVID-19

Finance Minister Grant Robertson yesterday afternoon announced a number of proposed temporary changes to the Companies Act, with the stated purpose to help businesses facing insolvency due to COVID-19 remain viable.

The temporary changes include:

New Zealand, Company & Commercial, Insolvency & Restructuring, Buddle Findlay, Coronavirus