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Small Business Restructuring: The Process

A small business restructure presents a significant opportunity for financially challenged yet viable businesses to restore stability and foster growth. For more information, visit the Rodgers Reidy website.

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Small Business Restructuring: The Process

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  1. Small Business Small Business Restructuring: The Restructuring: The Process Process APPOINTMENT OF RP 01 01 A corporation has 20 business days to create a restructuring plan, and submit the proposal to its creditors. 02 02 DEVELOPMENT OF RESTRUCTURING PLAN AND DOCUMENTATION The RP is responsible for assisting the directors in developing the plan to be presented to the creditors. 03 03 TRADING TO CONTINUE DURING PROPOSAL TIME The incumbent directors continue operations during the restructuring process. Debts incurred after the RP's appointment are not included in the restructuring plan and must be paid by the Company. TIME OF ACCEPTANCE 04 04 Creditors have 15 business days to approve or reject the proposal. Disputes might occur about the claimed debt amounts, and the RP is responsible for resolving them. A small business restructure presents a significant opportunity for financially challenged yet viable businesses to restore stability and foster growth. 1300 747 577 1300 747 577 www.rodgersreidy.com www.rodgersreidy.com

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