Yes, your business may be eligible if total liabilities are under $1 million, you’re insolvent or close to insolvent, and all tax lodgments are current. Directors also must not have undertaken this restructuring process in the past seven years. These requirements aim to ensure transparency and give your business a fair chance to recover.

In small business restructuring, you remain in control of daily operations while a practitioner helps create a debt plan. Liquidation involves a liquidator taking over, selling assets, and closing the business. Restructuring focuses on saving the company; liquidation generally means the end of trading.

No. You keep managing the business day to day, but a Small Business Restructuring Practitioner oversees the restructuring plan and ensures fair treatment of creditors. This setup lets you continue running the company while receiving expert help to manage and resolve financial challenges.

They’re registered experts who guide you through the process, check eligibility, and assist in drafting a fair plan. They confirm the plan’s legality, help estimate realistic repayments, and act as a go-between for you and your creditors. Their goal is to find a workable solution for everyone.

It typically lasts around 60-90 days. You have 20 business days to work with the practitioner on a plan, and creditors get 15 business days to vote. If creditors approve, you follow the plan’s repayment schedule. These timelines can shift if the situation is more complex or negotiations take longer.