How we Help
If you have a distressed company, a Small Business Restructuring Practitioner (SBRP) from Rodgers Reidy can lead you through the entire Small Business Restructuring procedure.
The Australian Government has compiled a useful fact sheet pertaining to Simplified Debt Restructuring which can be found here.
Eligibility Criteria
For a small business to be eligible, it must:
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- be incorporated under the Corporations Act;
- have total liabilities which do not exceed $1 million on the day the company enters the process. This excludes employee entitlements;
- be in substantial compliance with the following requirements*:
- employee entitlements which are due and payable have been paid,
- tax lodgements are up to date meaning all relevant tax returns and activity statements are lodged with the ATO.
* Note the above requirements must be complied with before a restructuring plan is issued to creditors.