We have previously written about the Federal Government's new proposal for small business restructuring to avoid liquidation. This article provides an example of how this process will work in practice.
To be eligible to take advantage of the small business restructuring process, your company must have less than $1 million in debt and you must have paid or be up to date with all outstanding employee entitlements including superannuation. You must also have your tax lodgements up to date.
Summary of How the Small Business Restructuring Process Will Work
Below is a summary of how you can take advantage of the process and appoint a Small Business Restructuring Practitioner (Practitioner) to help your company avoid liquidation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.