A bankruptcy can provide relief if you are unable to repay your debts and there are some changes in the solvency law.
What is changing?
A better balance between encouraging entrepreneurship and protecting creditors has underlined by:
-Reducing the current default bankruptcy period from three years to one year.
-Introducing a safe harbour for directors from personal liability for insolvent trading if the company is undertaking a restructure.
-Making ipso facto clauses, which allow contracts to be terminated solely due to an insolvency event, unenforceable if a company is undertaking a restructure.
(innovation.gov.au)
