Are You Eligible for Small Business Restructuring?
Our small business restructuring process is designed to help Australian business owners manage debt responsibly, continue trading, and secure a profitable future. To qualify, you must meet these criteria:
- Debt Limit: Total debts to creditors are under $1 million.
- Prior Restructuring: No small business restructuring or simplified liquidation in the past 7 years.
- ATO Compliance: All employee entitlements and tax obligations with the ATO are current and all ATO lodgements are up to date.
If you’re uncertain about eligibility, we can help you check! Call 1800 981 070
How Our Small Business Restructuring Process Works
Our licensed small business restructuring practitioners make the restructuring process manageable. Here’s how it works:
- Appointment of a Restructuring Practitioner (RP)
We guide you through appointing a registered restructuring practitioner (RP) who will oversee the restructuring. The RP notifies key stakeholders, conducts assessments, and ensures the business is ready for the restructuring plan. - Development of the Restructuring Plan
Working alongside the RP, you’ll create a restructuring plan that outlines your approach to managing debt. This includes a proposal for creditors, a summary of debts, and any required documentation. - Creditor Voting and Plan Acceptance
Creditors review the plan and vote within a 15-business-day acceptance period. If approved by the majority in value of creditors, the restructuring plan can proceed. - Plan Execution and Monitoring
Your RP will assist in ensuring the plan is followed, manage payments to creditors, and report any compliance issues. Your business remains operational throughout, giving you control while staying on track financially.
Why Choose Our Small Business Restructuring Services?
Our small business restructuring services are designed with you in mind, offering these benefits:
- Maintain Control of Your Business:
Continue day-to-day operations while the restructuring plan is implemented. - Resolve Debt and Trade Responsibly:
Create a sustainable plan that manages debt and sets your business on a path to recovery. - Receive Expert Guidance:
A licensed restructuring practitioner will support you through each step of the restructuring process, ensuring the best outcome. - Maximise Future Profitability:
A well-executed restructuring increases your chances of future growth and profitability.
Client Testimonial
The team were a lifeline during a challenging financial period. Anthony and Flavia provided support and insightful legal advice, guiding me through my situation and helping me achieve a positive business outcome. They were always just a phone call away. Thank you!
Frequently Asked Questions About Small Business Restructuring
What debts can be restructured under a small business restructuring plan?
A SBR plan can restructure all unsecured debts, including tax debts. In most SBRs, the Australian Taxation Office (ATO) is the major creditor. The SBR process can effectively negotiate with the ATO to reduce tax debts. It can also address debts owed to other unsecured creditors. However, certain liabilities secured by a mortgage or other security may require separate arrangements.
Can I continue trading during the restructuring?
Yes! One of the advantages of a small business restructuring process is that you retain control of day-to-day operations while the restructuring plan is in place.
How long does the restructuring process take?
Typically, there’s a 20-business-day proposal period to prepare the plan, followed by a 15-business-day acceptance period for creditor review and voting. The complete restructuring process may last up to three years, depending on the terms of the accepted plan.
What if my plan isn’t accepted by creditors?
If creditors do not approve the restructuring plan, other options are available. Your RP can provide guidance on next steps, including voluntary administration or liquidation if needed.
Ready to Restructure? Start Your Journey Today
Gain control of your business finances and set a clear path to profitability. Contact us for a free consultation with a certified small business restructuring practitioner.
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