Posts tagged "john winter"

The number of business insolvencies boomed in late 2023 and is poised to accelerate in 2024, official data shows, but industry leaders professionals say the growing use of the small business restructuring scheme is a silver lining.

A new small business restructuring process designed to keep owners in control has suffered an "embarrassingly" low take-up, an industry leader says.

Business insolvency rates are returning to their pre-COVID norms, according to new ASIC data, suggesting leniency offered by the tax office and regulators earlier in the pandemic has come to an end.

One insolvency expert says the government's plan would effectively render bankruptcy “pointless”.

The corporate regulator has revealed its areas of focus this reporting period, warning businesses that solvency and asset valuation are at the top of its list of concerns.

Small business collapses are down compared to pre-pandemic, casting doubt over whether changes to COVID-19 business support will lead to a dramatic insolvency cliff.

The federal government plans to consult on further insolvency reforms, but the industry has warned against more “piecemeal” changes that could create even more complexity for business owners. 

Members of the small business community have welcomed a move by the federal government to alter the current insolvency laws to strike “a b…