Insolvency Practices Inquiry
Insolvency Practices Inquiry discussion paper released
The Insolvency Practices Inquiry has heard a vast number of harrowing small business stories, highlighting the failures of the insolvency system as well as the challenges faced by industry professionals.
Through this discussion paper, we are seeking feedback on the development of a best practice framework for small businesses facing insolvency and for practitioners managing external administrations.
2020欧洲杯体育投注The discussion paper was released on 19 December 2019 and submissions have now closed.
Share your story
We invite small and family businesses that have faced financial difficulties and restructured or wound up their business to share their stories by completing .
The survey will close COB on Friday 21 February 2020.
Alternatively, you can email us at email@example.com
On 10 October 2019, the Australian Small Business and Family Enterprise Ombudsman 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.
Our Small Business Loans Inquiry2020欧洲杯体育投注 identified a lack of transparency for the small business owner when a creditor commenced debt recovery action. The small business owners felt they had lost control of their business as they were unable to contribute to, or obtain copies of, reports by insolvency practitioners. As the cases reviewed frequently ended in the business being wound up, the process appeared poorly managed to the small business owners and resulted in less than ideal outcomes for the owner, the lender and creditors of the business.
2020欧洲杯体育投注This inquiry will identify areas where practices can be improved and recommend changes to the system to achieve fairer outcomes for all parties involved.
2020欧洲杯体育投注A final report to be handed down in March 2020.
2020欧洲杯体育投注If you choose to participate:
- you must not provide information that would be in breach of a confidentiality agreement
- the information provided to the inquiry is not covered by parliamentary privilege.
2020欧洲杯体育投注Importantly, the Ombudsman cannot change the outcome of your issue, fund or intervene in legal actions or get you compensation.
Terms of Reference2020欧洲杯体育投注 (PDF 214KB)
Reference Group (PDF 96KB)
|Reference Number||Name of Contributor|
|II002||SM Solvency Accountants (PDF 1MB)|
|II003||Chartered Accountant Australia and New Zealand (PDF 125KB)|
|II004||Buchan, Jenny (UNSW) (PDF 1MB)|
|II006||NSW Government Small Business Commissioner (PDF 121KB)|
|II007||Victorian Farmers Federation (PDF 421KB)|
|II009||Law Council of Australia (PDF 173KB)|
|II010||UNSW Tax Clinic (PDF 260KB)|
|II011||Pitcher Partners (PDF 255KB)|
|II012||Financial Counselling Australia (PDF 357KB)|
|II014||Lisa B (PDF 825KB)|
|II015||Jacobs, Sue (PDF 195KB)|
|II016||Australian Restructuring Insolvency and Turnaround Association (PDF 1MB)|
|II017||Housing Industry Association (PDF 1MB)|
|II018||Australian Institute of Credit Management (PDF 512KB)|
|II019||Australian Credit Forum (PDF 319KB)|
|II020||Australian Securities and Investments Commission (PDF 319KB)|