The federal government has launched reforms to bankruptcy and insolvency laws which are expected to be legislated mid-2017.
They have the potential to make it easier to bounce back from a business failure, including changing the default period for personal bankruptcies from three years to one year.
Recognising that not all bankruptcies occur due to misfortune or innocent mistake.
While these changes appear to have good intentions, significant legislative changes are required to ensure there aren’t greater vulnerabilities.
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