How we work with you
Our directors will spend time thoroughly analysing your business structures and talking with you about your business goals. Specific areas of business restructuring advice may include:
- Business Planning
- Reviewing Business Strategy
- Improving performance
- Reducing costs
- Shareholder management
- Stakeholder relationships
- Succession planning
In delivering the best outcomes we can also draw on our extensive network of lawyers, accountants, financiers and like business to ensure best results are achieved at every step.
Small Business Restructuring
Along with Simplified liquidations, in 2020 in response to the COVID-19 Pandemic the government introduced a newer type of formalised business restructuring regime called small business restructuring. Access to this type of appointment is subject to some qualifying criteria.
The main criteria are:
- All taxation lodgement obligations are up to date
- All outstanding employee entitlements (including superannuation) are paid (this does not include accruals that are not due)
- Debts to external creditors of less than $1 million (excluding employees)
- Not have been through the process or used a simplified liquidation in the last 7 years – the same rule applies to directors of the company in the last 12 months
The type of process is not dissimilar to a Voluntary Administration into a Deed of Company Arrangement where there is a proposal from the Company to its creditors. However the process and resolution means are significantly different.
A big difference and a main feature of the new small business restructuring process is that directors could stay in control of their business whilst the restructuring occurred. This is done with the assistance of a Small Business Restructuring Practitioner a position which can be occupied by a new class of Registered Liquidator. We note that Registered Liquidators who are only registered to do this work cannot undertake any other types of insolvency appointments and therefore would not be able act if alternative scenarios such as a Voluntary Administration. Our liquidators are registered to act in all types of external administrations.
Speak to a specialist today
Getting advice as early as possible can put you in a much better position and provide some peace of mind. Get in touch to discuss your situation.