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.
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