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On 1 January 2021, significant changes to Australia’s restructuring and liquidation regime came into effect for small businesses, including a new restructuring process. These changes were announced on 24 September 2020, however many aspects of the pending changes did not become clear until the bill and associated regulations were released in December 2020.
Australia has a taxpayer funded scheme which guarantees employee entitlements arising out of liquidation up to statutory caps. It is known as the Fair Entitlements Guarantee Scheme (FEG). The Australian Government has become concerned that questionable practices which rely on FEG to avoid employee entitlement obligations, such as illegal phoenixing, are on the rise and imposing significant costs on FEG and therefore, the Australian taxpayer.
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