Surge In Insolvencies Will Be Good News For Some

Insolvency experts expect to be hit by a wave of company collapses from January 1 after temporary relief measures to help businesses through the COVID-19 economic crisis expire, The Australian Financial Review reported. Practitioners in the area have spent the quieter-than-normal period working on existing insolvency matters, catching up on training and helping out in other service lines, according to leaders at three firms in The Australian Financial Review Top 100 Accounting Firms list. The economic downturn caused by the coronavirus pandemic led the federal government to make two major changes to the way insolvencies are dealt with in Australia, alongside providing subsidy programs such as JobKeeper. The first insolvency-related measure was to introduce temporary relief rules for struggling companies and individuals. Read more

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