Faq
Small business restructuring, is indeed related to debt restructuring. It involves a formal negotiation process with business creditors to settle debts in full and final settlement.
Simplified restructuring is another term for small business restructuring. It's a process designed for formal negotiation with business creditors, offering a structured framework for settling debts.
Any business with total debts under $1 million can undergo small business restructuring, provided they meet certain conditions, including up-to-date ATO reporting and payment of employee entitlements.
An SBRP is an independent professional appointed by the director to assist with restructuring the company's debt. Only directors can appoint an SBRP, who typically must be a registered liquidator or possess relevant insolvency experience.
The process begins with appointing an SBRP, followed by the director signing a declaration of eligibility. The restructuring plan is then prepared within 20 business days, presented to creditors, who have 15 business days to vote on its approval or rejection.
The SBRP collaborates with the director to formulate a restructuring plan, which outlines proposals for satisfying creditors' debts. This could include payment over an extended period, lump sum offers, or proceeds from asset sales.
Consider ongoing relationships with creditors, as well as the impact on secured creditors and personal guarantors. Also, related parties cannot vote on the proposal, and the restructuring process doesn't address personal asset protection needs. Navigating small business restructuring can be complex, but understanding these key points can help you make informed decisions regarding your business's financial future. If you have further questions or need assistance, don't hesitate to reach out to us.
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I was very hesitant at first to trust any one with my financial future, however 2 years on and I can say the stress, tears and fears of having no future are over!!I got to a very dark place over debt,however now it’s settled and I can breathe again!!I cannot overstate the caring, humane and genuine experience I have had working with Laurence.I would definitely recommend
Sharyn Calf
GoogleTrust the Process and Dont be hesitant! I had fallen victim of a Scam and a loan of 40K with 17% Interest rate by CBA during pandemic which resulted me to look for a debt negotiator. I had 50K Gross yearly salary at that time due to Job Keeper. I have found credit reboot and due to my scam experiences at first I was hesitant to deal with someone virtually. They however have given me monthly updates to keep me at peace. The process took nearly two years for me as CBA sold my debt to 3rd party however the great news came about that CBA took back the loan amount for me and waived my entire debt - without impacting my credit report. I worked hard with two jobs to be able to save up an amount I assumed payable once negotiaton end but due to debt waiver I am now able to allocate this funds to something more important. I can now finally put the debt and scam memories past behind me and start again.
Charles
Trust PilotDebts reduced or cancelled with great service! I engaged credit reboot to manage my excessive credit card debt. I’ve repaid most at a significant debt reduction or payment plan. Thanks for the excellent service!
michael david MCDONALD
TrustPilotGREAT OUTCOME !!! Had a great experience. Dyan was very helpful and keep you posted from time to time. It takes a bit of time for negotiations, but there's a great results at the end. Highly recommended! Thanks for all your help.
Dante Estanislao
TrustPilotExcellent service and support with an outstanding outcome
Juanino Caruana
TrustPilotGreat results! Is been a long process due to the virus, but thank God now everything is getting sorted out. I had few cards that I had to pay but cause of the virus I could not work for few months then I got sick and could not work at all. They arrange up to now 3 of my cards. One I had to pay only $1340 on dept of $6000. Second one monthly payment of $66 on depth of $6000. The best one was the third one they erased my debt of $4000 completely. One more to go. I am grateful for their help.
Asimina
ProductReviewFast and efficient! Thanks for your amazing service! Mark was so efficient in finding a fast solution for my business needs. Very grateful!
Stacey F.
ProductReviewGreat debt negotiators! Very helpful and friendly team who were able to find resolutions to all of my debt.
CJB
ProductReviewFantastic Service and Support! The staff have been so helpful and supportive with excellent results to sort out my situation
Brian from Queensland
ProductReviewBrilliant service! Said exactly what they would do neg and saved me money
