Change bankruptcy laws to help innovators, says billionaire

Image: The Australian

Australian billionaire Jack Cowin has urged the Turnbull government to consider US Chapter 11-style bankruptcy laws to aid local entrepreneurialism.

The Herald Sun reports that Cowin – who is executive chairman of Competitive Foods Australia and owns a 26 per cent stake in Domino’s Pizza Enterprises – suggested such a reform to help change attitudes around risk.

“If you look at the impact of someone going into business in Australia (then failing), here it affects your wife, your kids,” The Herald Sun reports him as saying.

“In the US people probably take more risk due to their bankruptcy laws.

Changes to bankruptcy laws were proposed by some, such as current Innovation Australia head Bill Ferris, in the lead up to December’s National Innovation and Science Agenda release. These were not adopted.