• Article Rating
  •  Average 2.5 out of 5
  • Ombudsman launches Insolvency Practices Inquiry

    4 November 2019

    The Australian Small Business and Family Enterprise Ombudsman has launched an inquiry into the insolvency system to investigate if current insolvency practices achieve the best possible outcome for small and family businesses in financial trouble.

    If you have faced financial difficulties, restructured or wound up your business, you can share your story by completing this survey.

    The inquiry will identify areas where practices can be improved and recommend changes to the system to achieve fairer outcomes for all parties involved.

    It will look at:

    • the existing insolvency system through the experience of small business
    • the transparency of governance, processes and costs of practitioners - including legal advisers, valuers, investigating accountants, administrators, receivers and liquidators
    • how the insolvency of a small or family business may lead to bankruptcy for the owners
    • how the framework impacts the practices and fees of insolvency practitioners.

    An interim report will be released in December with a final report to be handed down in February 2020.

    Next step:

    Find out about:

  • Rate this article
  •  Average 2.5 out of 5