The measures from 1st January 2021 apply to incorporated companies with liabilities less than $1 million.
For those businesses that are “unable to survive”, a new simplified “liquidation pathway” will apply for small businesses to allow faster and lower-cost liquidation.
To be eligible to access this new process a company must:
This principle has the potential to allow continuation of a longer-term successful business hit by short-term or covid cash flow difficulties.
Information on this website is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this information, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on information within.