Australian Small Business and Family Enterprise Ombudsman’s Insolvency Practices Inquiry
Just prior to Christmas, the ASBFEO released a discussion paper in relation to its Insolvency Practices Inquiry and, following consultation with our broad membership, ARITA has made a submission responding to the recommendations.
We believe that the ASBFEO Insolvency Practices Inquiry highlights and reinforces the need for ARITA’s previously announced Financial Recovery Law Reform Commission, as detailed in ARITA’s 8-point plan, to strengthen the insolvency regime.
Our response to the questions has been reached with consideration of the following key matters, which we have expanded on in our introductory comments:
- need for comprehensive review of Australia’s personal and corporate insolvency regimes
- the definition of a small business
- so-called 'vanilla' external administrations
- unregulated ‘pre-insolvency advisors’.
Read the full submission