Small Business Insolvency Reforms
Law Society of Tasmania
CPD Guide: 1 SL
In the economic fallout of the COVID-19 pandemic, the Federal Government announced reforms to the Corporations Act which aim to streamline insolvency appointments to, and business restructuring for, small businesses.
The reforms implement a ‘debtor in possession’ appointment model which is in large part based upon Chapter 11 of the United States Bankruptcy Code, and which have the potential to affect a significant number of insolvency appointments – particularly in Tasmania where appointments are rarely to larger corporate entities.
Travis Anderson, registered liquidator and partner of Deloitte Restructuring, and Chris Groves, principal of Dobson Mitchell Allport, will address the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 (Cth) as expected to take effect on 1 January 2021, using a model of an expected appointment and discussing matters upon which legal practitioners may – and should not – advise.
- Introduction to the new Part 5.3A of the Corporations Act, its application and intent.
- A practical example: how the reforms may or may not assist a struggling small business.
- Constraints and legislative exclusions of which practitioners should be aware of when advising.
- The potential roles of lawyers when assisting debtors and creditors impacted by the reforms.
Travis Anderson is Partner – Restructuring Services at Deloitte Financial Advisory Pty Ltd in Tasmania. Travis leads Deloitte Tasmania’s restructuring services team and specialises in advising underperforming and distressed businesses by providing both corporate turnaround and insolvency services. Travis is a member of the Australian Restructuring Insolvency and Turnaround Association (ARITA), and a Registered Liquidator.
Chris Groves is Principal at Dobson Mitchell Allport in their commercial litigation and dispute resolution team. He is a leading commercial litigation lawyer and an accredited building adjudicator. He practises across a wide range of commercial and related disputes, with a focus on company and partnership disputes, insolvency law, building and construction disputes, trust disputes, property disputes, and recovery actions. Chris is an adjudicator under the Security of Payment legislation in Tasmania, New South Wales and Queensland, and has adjudicated hundreds of construction payment disputes in this role since 2010.
Limited seats: Please note that this webinar has an audience capacity of 100.
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