Business Turnaround & Restructuring
Small business restructuring
A lower-cost solution to restructure small business debt
COVID-19 created a tough economic environment for many small businesses and the government made changes to allow directors to restructure debt more easily and with less expense to weather the storm—while staying in control of the business.
Background
Directors who want to try to save their business may choose to restructure company debt while retaining control of business operations and creditor relationships.
Service highlights
Business can be tough. Before you throw in the towel, we help you consider what can be done to turn a business around, exploring restructuring options that can buy you valuable time to get back on your feet.
There's two phases in the restructuring process. In the first phase, where the plan for creditors is being worked on, directors can get the space needed in the comfort of knowing that creditors are aware that a plan is underway.
Directors retain control of business operations. A registered small business restructuring practitioner, is there to support and guide the restructuring process and handle the creditor processes.
With creditor approval, the small business restructuring process takes 35 business days or less.
Due to simplified design, small business restructuring takes less time than other formal insolvency processes.
Because of reduced costs and turnaround times, more small businesses can readily access this solution.
Due to simplified design, small business restructuring is significantly less costly than a voluntary administration.
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How we help
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