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Small Business Restructuring A New Key Tool In Business Turnaround

Small businesses need to enter into a formal restructuring process rather than following a path that leads to insolvency. There are certain criteria that need to be met first, and the process must be undertaken by a registered small business restructuring practitioner. Visit the Rodgers Reidy website to explore more.

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Small Business Restructuring A New Key Tool In Business Turnaround

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  1. SMALL BUSINESS RESTRUCTURING: A SMALL BUSINESS RESTRUCTURING: A NEW KEY TOOL IN BUSINESS NEW KEY TOOL IN BUSINESS TURNAROUND TURNAROUND WHO DOES IT WHO DOES IT APPLY TO? APPLY TO? Have total liabilities which do not exceed $1 million on the day Have total liabilities which do not exceed $1 million on the day the company enters the process. This excludes employee the company enters the process. This excludes employee entitlements; entitlements; Employee entitlements which are due and payable have been Employee entitlements which are due and payable have been paid*, paid*, Tax lodgements are up to date meaning all relevant tax returns Tax lodgements are up to date meaning all relevant tax returns and activity statements are lodged with the ATO*, and and activity statements are lodged with the ATO*, and No previous restructuring or insolvency in the previous 7 years. No previous restructuring or insolvency in the previous 7 years. PROCESS PROCESS The Restructuring process has two phases: The Restructuring process has two phases: The Restructuring phase; and The Restructuring phase; and The Restructuring Plan phase. The Restructuring Plan phase. RESTRUCTURING RESTRUCTURING PHASE PHASE The restructuring phase begins when a The restructuring phase begins when a small business restructuring restructuring practitioner is appointed by the company (the practitioner is appointed by the company (the RP). RP). small business RESTRUCTURING RESTRUCTURING PLAN PLAN Should creditors accept the restructuring plan, the RP Should creditors accept the restructuring plan, the RP manages the requirements set out in the plan, including manages the requirements set out in the plan, including realising any recoveries as set out in the plan and paying realising any recoveries as set out in the plan and paying distributions to creditors in accordance with the plan. distributions to creditors in accordance with the plan. 1300 747 577 1300 747 577 www.rodgersreidy.com www.rodgersreidy.com

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