WHY CHOOSE US?
Our Small Business Restructuring Service
Small Business Restructuring is an excellent solution for a small business in financial difficulty, but it is not as simple as you may think. You need experienced experts who know the tricks and traps of the process. So, rather than rush you into signing, we’ll take the time to listen to your story and propose a customised strategy to save your business.
Experienced Insolvency Practitioners
Unlike most other firms, our Practitioners have practical experience from an actual economic crisis
Fellow of Chartered Accountants Australia & New Zealand, Registered Liquidator (which qualifies him to be a Small Business Restructuring Practitioner), Member Association Independent Insolvency Practitioners
John has more than 30 years specialist experience in corporate recovery, restructuring and reorganisation. He was a Partner of one of the Big4 Accounting firms, Ernst & Young in the Transaction Advisory Services Division for 24 years and Leader of the firm’s National Corporate Restructuring practice. John’s experience allows him to deliver optimum results for his clients. This has been best demonstrated by his key role in a number of complex corporate restructurings including Greyhound Racing NSW Pty Limited and New Cap Reinsurance Corporation Limited.
Chartered Accountant, Board Member of Association Independent Insolvency Practitioners, Member of Turnaround Management Association, Member Australian Restructuring Insolvency & Turnaround Association, Registered Liquidator (which qualifies him to be a Small Business Restructuring Practitioner)
Cliff is a corporate restructuring specialist with over 30 years of experience in Australia and internationally. He is the founder and Chief Executive Officer of Restructuring Works. In the last 10 years he has been appointed to over 700 companies. He was a Partner of Ernst & Young for 10 years. His experience ranges from Voluntary Administrator to sale of business, due diligence and valuations. Cliff has been the lead adviser in some of the largest restructurings in the Asia Pacific region including twenty four listed companies with debts of over two billion dollars.
WHAT IS THE
Small Business Restructuring process like?
Our Small Business Restructuring process is easy to initiate, we just need a Resolution by a majority of directors. We set it all out so all they need to do is sign on the dotted line.
A Small Business Restructuring gives your company twenty days to work with a Small Business Restructuring Practitioner (that’s us) to formulate a deal, and then up to fifteen days for the creditors to vote on that deal. This period is called the Restructuring Phase.
A Voluntary Administration is a similar length at 30 days, but it is often extended.
The Practitioner then oversees the execution of the plan. This period is called the Plan Phase.
WHAT IS THE
Cost of the Small Business Restructuring process?
The good news is that Small Business Restructuring is much cheaper than the (old) alternative of Voluntary Administration. As a guide, fees can be in the range of $15,000-35,000. But in return you are likely to get a reduction in the debts your company owes of many times that amount. Also, you’ll be pleased to know that the law requires the practitioner to quote a fee upfront for the fixed cost for the Restructuring Phase and a percentage of the amount returned to creditors in the Plan Phase.
The cost can be covered by the value of the company’s assets if they are being put to sale, or the company’s ongoing turnover if it continues to trade. We’ll be happy to make an estimate of our fees during your free consultation period.
Small Business Restructuring v Voluntary Administration
The key difference is, in Small Business Restructuring the directors of the company stay in control of the running of the business, whereas in Voluntary Administration control is handed over to a Registered Liquidator. Two benefits flow from this: Small Business Restructuring is much cheaper than Voluntary Administration, and, the directors retain control of the business during the process. So if you want to save your business, whilst retaining control, the choice is clear – Small Business Restructuring.
Speak to an Insolvency Practitioner today.
Simple steps with our insolvency experts
Book your consultation
We Call You
We have a preliminary confidential phone discussion. We’ll gather some information and discuss the basics of the process.
Meet our Insolvency Practitioners
Get A Pack
We provide our recommendations in writing with an engagement letter or formal appointment documents
Push the Button
You sign the forms when you are ready to proceed.
Our professional memberships
Association of Independent
AIIP Board Member in-house
Association of Independent
ARITA Members in-house