What is the Small Business Restructuring Process (SBR)?
On 1 January 2021 some of the most significant changes to insolvency law in three decades were introduced following amendments to the Corporations Act.
The new laws allow small businesses the flexibility to restructure their debts whilst allowing directors to remain in control of the business. The new laws also provide for a new simplified liquidation process.
Who is Eligible?
To be eligible for the restructuring process, the total liabilities of the company must not exceed $1 million. This includes secured debts and related party debts, but excludes employee entitlements.
In addition, the company must not have been under restructuring or been subject of the simplified liquidation p…
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