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Businesses with 50-plus employees will miss out on federal government assistance for operators caught in the HIH Insurance collapse. Enterprises that qualify for the assistance will see up to 90% of their claims under one of the group's policies covered by the government. The assistance is not available to the many unsecured small business trade creditors owned money by HIH. As well, companies with pre-existing insurance claims stalled in the courts are also in serious trouble, with many likely to miss out completely. The Council of Small Business Organisations of Australia (CIOSBOA) this week is expected to make a submission to government seeking more focus on the difficulties facing small businesses. "Clearly, as information solidifies in this debacle, it is becoming increasingly clear that small business is suffering more than policy holders," COSBOA chief executive Rob Bastian says. "There is a peculiar attitude that small business is more able to face risk and less deserving of assistance."
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Tuesday, February 07, 2012