New Small Business Insolvency Law Reforms: 6 Month Review
In late September, Treasurer Josh Frydenberg announced what’s held out as ‘the most significant reforms of insolvency law in almost 30 years.’ These reforms included major changes to the Corporations Act 2001 allowing for a Small Business Restructuring Regime and Simplified Creditors Voluntary Liquidation (CVL) process. Six months in, you’ll review the impacts and workings of these new regimes, the minimum thresholds and be clear on the recent changes to unfair preferences, and more. WEB216N17
Description
Attend and earn 3 CPD units in Substantive Law
This program is applicable to practitioners from all States & Territories
Chair: Howard Chait, Partner, Meerkin & Apel
2.00pm to 3.00pm 6 Month Review of New Insolvency Protections for Small Businesses
- Comparison regarding application of simplified debt restructuring process vs the 2017 safe harbour provisions (i.e. pros and cons)
- What have been the impacts for small businesses?
- Workability for creditors and debtors under the New Insolvency Reform Package and review of how the key features are operating: common tips and traps
- New formal debt restructuring process
- Temporary relief for companies and meeting tight deadlines
- Taking advantage of the new simplified pathway to liquidation
- Key takeaways for debtors and creditors
- Is there a need to extend the new insolvency protections for small businesses to non-corporate entities?
Presented by Alice Ruhe, Partner, SMB Advisory, Registered Trustee in Bankruptcy and a Registered Liquidator and Matt Mullen, Director, Grant Thornton
3.00pm to 3.45pm Minimum Thresholds: Corporate and Personal
- The corporate statutory minimum returning to $2,000 as at 1/1/21: what impact has this caused (if any)
- The bankruptcy threshold’s permanent increase to $10,000: what impact has this caused to the debtor and creditors (if any)
- A refresher on alternative recovery methods for unsecured creditors for personal debts under $10,000
Presented by Stacy Miller, Partner, Cronin Miller Litigation
3.45pm to 3.55pm Afternoon Break
3.55pm to 4.35pm Unfair Preferences: Recent Changes and Cases
- Position under the standard liquidation
- Changes under the simplified liquidation reform: s588FA and s588FE
- Payments by third parties to an unsecured creditor
Presented by Marc Rossi, Partner, Hicksons
4.35pm to 5.15pm Panel Discussion: An Industry Perspective
Stacy Miller, Partner, Cronin Miller
Matt Mullen, Director, Grant Thornton
Marc Rossi, Partner, Hicksons
Alice Ruhe, Partner, SMB Advisory, Registered Trustee in Bankruptcy and a Registered & Official Liquidator
Presenters
Alice Ruhe
Alice has practised in the Insolvency and Corporate Recovery Industry for over 15 years and is a Registered Trustee in Bankruptcy and a Registered Liquidator. Alice is a member of both the Chartered Accountants Australia and New Zealand and the Australian Restructuring Insolvency and Turnaround Association (ARITA) and has experience in all forms of corporate and personal insolvency administrations.
Matt Mullen
Matt is a Chartered Accountant who is currently a Director within the Financial Advisory. Recovery & Reorganisation division in the Grant Thornton Australia Limited Cairns office. Matt has worked in the insolvency and restructuring professional services sector for over 16 years in both Australia and the United Kingdom which has allowed him to gain invaluable experience across a wide range of engagements. Matt's role with Grant Thornton Australia Limited offers him the opportunity to work in both the personal and corporate insolvency areas including all types of formal engagements.
Stacy Miller
Stacy Miller has practiced exclusively in the areas of commercial litigation, insolvency, debt recovery and dispute resolution since her commencement of practice in Queensland in 2003. She has been a partner of the Gold Coast based specialist commercial litigation and insolvency firm, Cronin Miller Litigation, since 2014.
Marc Rossi
Marc is a Partner at Hicksons with a focus on recoveries, insolvency, restructuring, financial services, securities enforcement, LMI & title insurance, and commercial litigation and dispute resolution.
Howard Chait
Howard is a Partner in our litigation section. He draws on over 25 years experience as a Lawyer and Partner previously in both national and mid-tier legal firms. Howard has substantial expertise in the areas of corporate reconstruction, insolvency and complex litigation and dispute resolution in a wide variety of matters (including litigation in respect of banking disputes, intellectual property, shareholder and director disputes, estate matters, contracts, joint ventures, negligence and disputes brought under the Competition and Consumer Act).