Drawing on the casework experience of the Small Business Debt Helpline (www.sbdh.org.au) the submission notes that the both Small Business Restructuring Reforms and Simplified Liquidation Reforms have had little impact. Our recommendations include that director guarantees be bound within restructuring proposal terms, the establishment of a government-funded corporate winding-up service operated by ASIC, expanding the limit on unfair preference claims of $30K against unrelated creditors from simplified liquidation to all creditor voluntary liquidations and court liquidations, and a voucher system providing access to accounting, business and legal advice for vulnerable small businesses.
Corporate Insolvency
Related Projects
Submission to Treasury – Review of Tax Regulator Secrecy Exceptions
Tax secrecy laws are important for protecting people’s private financial information and keeping
Australia’s tax system secure. However, the current rules under the Tax Administration Act 1953 (TAA
1953) are making life harder for grieving families trying to access a loved one’s superannuation. This submission outlines issues we see in tax and super systems.
Submission to the Code Governance Committee – Monitoring and Compliance Priorities Consultation
This document outlines feedback on the Code Governance Committee’s priorities for monitoring compliance with the General Insurance Code of Practice. We appreciate the CGC’s
focus on key issues impacting consumers and financial counsellors. We outline several recommendations to improve insurance outcomes for consumers.