What is the Small Business Restructuring process?
Australias Small Business Restructuring (SBR) process is a formal insolvency process introduced by the Federal Government in 2021 to give small businesses the opportunity to restructure their debts while directors remain in control of the business, under the supervision of a restructuring practitioner.
The SBR process involves a company engaging a Small Business Restructuring Practitioner (SBRP), who must be a registered liquidator, and developing a plan with the SBRP within 20 business days of his or her engagement. The practitioner can extend this proposal period by 10 business days.
The plan should outline how the company will restructure its debts and repay creditors over a period of…
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