“Turn a fresh page”: What the massive corporate insolvency report means for small business

Australia’s corporate and personal insolvency laws should face a comprehensive review, and improvements to small business restructuring pathways should be investigated as a priority, according to a massive report on the nation’s insolvency regime.

The Parliamentary Joint Committee on Corporations and Financial Services tabled its long-awaited report on Wednesday afternoon, nearly nine months after endeavouring to hear how the insolvency system is benefiting the Australian economy — and the ways it needs to improve, both for businesses and practitioners.

What does it say?

The joint committee heard from insolvency experts and business representatives who claimed the sheer mass and complexity of the insolvency system is making it hard for businesses and individuals to access the support they need, when they need it, at a reasonable cost.