The Turnbull Government’s National Innovation and Science Agenda (NISA) contains a number of significant reforms which will assist businesses by encouraging entrepreneurship and innovation, Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP said.

The Government will:

• introduce a safe harbour for directors from personal liability for insolvent trading if they appoint a restructuring adviser to develop a turnaround plan for the company; and
• make ‘ipso facto’ clauses, which have the purpose of allowing contracts to be terminated solely due to an insolvency event, unenforceable if a company is undertaking a restructure.

“The Government is considering all the recommendations of the Productivity Commission and will have a full response in 2016.