Publication
Australia: Australia’s landmark new rescue and liquidation processes for SMEs
Importance of the SME sector to the Australian economy. Having effective SME insolvency laws is important to the Australian economy: • 97.5% of businesses in Australia employ less than 20 employees • Small businesses (< 20 employees) employ 4.7M people in Australia, representing 44% of the total number of people employed in the private, non-financial sector • SMEs have been particularly badly affected by the pandemic
