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Small business restructuring

COVID-19 created a tough economic environment and the government made changes to allow small businesses to to restructure debt more easily and with less expense.

What are the benefits of small business restructuring?

Small business restructuring was introduced for small businesses, its creditors, and its employees to get the benefits of:

- reduced costs

- shortened turnaround times

- increased and easier access

- retained control by business owners/directors (through the debtor-in-possession model).

Why would directors choose to use restructuring? 

Directors who want to try to save their business through restructuring company debt while retaining control of business operations and creditor relationships.

How the small business restructuring process works Who can access small business restructuring

Bankruptcy

Corporate insolvency

Director liability for company debts

FAQ

What if I'm not eligible for small business restructuring? What's the criteria for a small business restructure? What is the role of a small business restructuring practitioner? What do directors need to declare? How are creditors impacted by small business restructuring? Are there restrictions on the plan directors can put forward? How does an approved restructuring plan become complete? Can an approved restructuring plan be terminated? Can an approved restructuring plan be varied later? What does the restructuring practitioner do? What does a small business restructuring plan cost? How should a company under a restructuring plan be referred to?

Insolvent trading

Personal insolvency

Business can be tough

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