Regulator braces for waves of COVID-19 insolvencies

The Australian Securities and Investments Commission (ASIC) is preparing for potential waves of small business insolvencies in 2021 and beyond, as regulators also consider moves to manage the large numbers of borrowers falling into financial strife.

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With $274 billion in mortgages and small business loans deferred as an emergency response to the pandemic, ASIC commissioner Sean Hughes told a parliamentary hearing on Wednesday that the regulator was in daily contact with banks and other lenders to understand how many borrowers could be in hardship.