WCT Advisory Industry News
Simplified Debt Restructuring for Small Business
This is the seventh article in a series of articles aimed at informing directors of their duties, and the options available for small to medium enterprises (SME) if faced with insolvency or financial distress.
As a result of the COVID-19 pandemic and associated economic downturn, the Australian Government made changes to the insolvency framework with the aim of helping more small businesses restructure and survive that difficult period. The Small Business Restructuring (SBR) process is one of two new formal insolvency appointments introduced by the Federal Government in 2021. With the help of a registered liquidator (called a small business restructuring practitioner – SBRP), a company can put forward a plan to its creditors to restructure its existing debts, while allowing the directors to remain in control of the business, property, and affairs of the company during the restructuring period.
The Elephant in the Room (Pre-Packs)
This is the sixth article in a series of articles aimed at informing directors of their duties and options for small to medium enterprises if faced with insolvency or financial distress. We now look at one of the more controversial mechanisms to restructure a business, being what is commonly referred to as a pre-pack transaction.
Contact WCT Advisory.
With over 65 years combined specialist experience in financial advisory, restructuring and insolvency, WCT Advisory greatly value our clients and are dedicated to creating practical and specialised solutions to their problems.
Contact us today and let us show you how we can help.