What are the Benefits?
The economic challenges brought about by COVID-19 prompted the government to introduce changes facilitating easier and less costly debt restructuring for small businesses. But what exactly is small business restructuring and how does it work?
Small business restructuring is designed to provide relief for small businesses by offering several key benefits:
Reduced Costs: The restructuring process aims to lower the financial burden associated with debt restructuring, making it more accessible for small businesses.
Shortened Turnaround Times: By streamlining procedures, small business restructuring aims to expedite the turnaround time, allowing businesses to recover more swiftly.
Increased and Easier Access: Small businesses gain improved access to restructuring options, enabling them to navigate financial challenges more effectively.
Retained Control: Through the Small Business Restructure, business owners and directors maintain control over their operations during the restructuring process.