Insolvency Support Services participates in Australian insolvency system review

As part of the Australian Small Business and Family Enterprise Ombudsman’s inquiry into the country’s insolvency system, several insolvency frameworks from countries that function under a similar justice system to Australia’s were reviewed. This included pre-packs in the UK. That’s where Insolvency Support Services came in. Our director Eileen Maclean took part in a virtual round table discussion with the Ombudsman’s team and members of the IPA’s SERL Committee (Standards Ethics and Regulatory Liaison) to provide information and offer perspectives and advice.

We’re very pleased to see that the resultant Insolvency Inquiry Report recommends a suite of changes to current insolvency practices that aims to achieve the best possible outcomes for small and family businesses in financial trouble in Australia. See pages 41 to 42 of the report for the review of UK frameworks.