AMENDMENTS TO INSOLVENCY REGIME
Australia is promoting a culture of entrepreneurship and innovation in Australia. As part of this agenda, the Treasury Laws Amendment Act was passed on 11 September 2017 to reform Australia’s insolvency laws. It aims to strike a better balance between encouraging entrepreneurship and protecting creditors.
The legislation creates a safe harbour for directors from personal liability as well as limiting the enforceability of certain “ipso facto” clauses.
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