Insolvency firms are preparing for a large upsurge in the amount of companies going broke amid the looming expiration of safe-harbour rules introduced in March and due to finish at the end of September.
The Age has reported the government may consider extending the deadline to those safe-harbour rules which would consequently allow businesses to continue to trade while insolvent.
Sky News host Peter Gleeson said, “I was talking to a financial counsellor … he actually pre-empted exactly this, that when this particular lifeline ends, that’s when you’ll see the proverbial hitting the fan in this country.” Image: Getty
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