Download your ABR SME Restructuring Factsheet here
The Government has undertaken the most significant reforms to Australia’s insolvency framework in 30 years as part of its economic recovery plan to keep businesses in business and Australians in jobs.
Key elements of the reforms include:
- The introduction of a new debt restructuring process for incorporated businesses with liabilities of less than $1 million;
- Moving from a rigid one-size-fits-all “creditor in possession” model to a more flexible “debtor in possession” model which will allow eligible small businesses to restructure their existing debts while remaining in control of their business; and
- A rapid twenty business day period for the development of a restructuring plan by a small business restructuring practitioner, followed by fifteen business days for creditors to vote on the plan.
This new SME Restructuring Plan option has been available to Businesses since 1 January 2021.
Australia Business Rescue is ready and able to assist small to medium sized businesses take up the option of an SME Restructuring Plan. We currently account for 30% of all successful SME restructures in the country, with a 100% success rate.
Businesses that do not meet the criteria for an SME Restructuring Plan will be able to access other options to save their business. Please contact us to discuss your options
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