Australian Businesses Brace for ‘Insolvency Cliff’ when JobKeeper Ends in March

Australian businesses are bracing for a wave of insolvency when JobKeeper payments end in three months after changes to bankruptcy laws were initiated at the start of the year and border closures continue to impact employers, reported. The federal government temporarily changed bankruptcy legislation at the peak of the coronanvirus outbreak to help employers make it through the pandemic. Creditors will be allowed to apply for a bankruptcy notice against a business when outstanding debts reach $10,000 since the safe rules have now ended. The Australian government has not committed to any extensions of the JobKeeper scheme beyond March but tourism groups have asked for an extension to support them during continuing border closures. Read more.