Small Business Restructuring: we can help you navigate the maze and save your business
As Small Business Restructuring Practitioners, our Registered Liquidators ensure you benefit from the insolvency reforms.
WA Insolvency Solutions (WAIS) Registered Liquidators have vast experience in restructuring small businesses and are legally able to act as Small Business Restructuring Practitioners (SBRPs) for viable but financially distressed companies with total debts not exceeding $1 million, as per the Corporate Insolvency Reforms that came into effect on January 1, 2021.
With a SBRP, you can benefit from the reforms, which are designed to help COVID-19 impacted companies recover, by offering simpler, faster and lower cost debt restructuring and liquidation.
Our Small Business Restructuring Partners will liaise with your creditors
Acting as your SBRP, we liaise with your creditors, conduct an investigation of your company’s financial situation, and prepare and present a restructuring plan to your creditors within the tight 20-day timeframe. While this takes place, you are able to stay in control of your company and continue to trade, giving it a better chance of recovery. If the plan is accepted by at least 50 per cent of your creditors by value, your SBRP also actions it.
Eligibility for Small Business Restructuring
- Viable but financially distressed companies with total debts not exceeding $1 million
- COVID-19 impacted companies
- Be insolvent or likely to become insolvent
- Employee entitlements are up to date
- Tax Office lodgements are up to date. Note you can still have money outstanding
- The company must not have previously used the small business restructuring process or the simplified liquidation process within the past 7 years
Peace of mind with guidance from our experts
You also have peace of mind knowing you and your company will stay compliant during this process as, with any legislation, the insolvency reforms come with a myriad of complex requirements and regulations, particularly eligibility criteria.
Is your company insolvent or likely to become insolvent soon? Take early action
Our Small Business Restructuring Practitioners (SBRPs) can liaise with your creditors. Get in touch today
General overview of the Small Business Restructuring process
During pre-appointment, directors must conclude that the company is insolvent or likely to become insolvent. A Restructuring Practitioner is appointed.
Proposal of SBR plan
Restructuring Practitioner (RP) assists in developing the Small Business Restructuring Plan (SBRP) within 20 business days.
Proposal is circulated to creditors.
SBR plan implementation
Creditors have 15 business days to make a decision and vote. More than 50% in value is required for approval.
Approval allows company to continue trading.
Restructuring Practitioner administers the plan.
Creditor accepts plan. SBR process terminates
Once creditors approve the plan, the small business restructuring process concludes.
The company is released from admissible debts.
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