Insolvency overhaul announced for small businesses
On 24 September 2020, the Federal Government announced significant reforms to Australia’s…
The Federal Government has today announced that it will ease the JobKeeper eligibility criteria for both businesses and employees as a direct response to the state of disaster declared in Victoria. Importantly however, the proposed changes are not specific to Victoria and extend to all eligible businesses and employees.
Victoria is Australia’s second-biggest state by economic output, with the Stage 4 lockdown expected to cause widespread economic pain and job losses without further Federal Government intervention. Further, the emergency in Victoria has effectively invalidated Federal Treasury forecasts released a fortnight ago. You can click here to read the official media release from the Prime Minister, Treasurer and Minister for Families and Social Services.
The Hamilton Locke Finance, Restructuring and Insolvency team have a broad range of top-tier experience acting for a variety of stakeholders in distressed scenarios. For more information or advice on how these changes may impact your business or insolvency and restructuring advice generally please contact Nick Edwards, Brit Ibanez and Zina Edwards.