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Change in bankruptcy law next year

Thursday, 26 October 2023 06:30

Bankruptcy law is due to change at the beginning of next year.

The new rules are designed to stop so called ‘abusive’ bankruptcies – where company owners declare bankruptcy simply to escape paying creditors. 

Any director of a company that folds will be restricted on opening another company. 

From January, the Federal Department of Justice and Police, will check all new company registrations and will be able to demand the removal of an individual if necessary. 

The number of bankruptcies are now returning to pre-covid levels after a spike during the pandemic. 

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