x

Get in touch

Speak to one of our experts now for a free consultation. Enter your details below or call 1300 750 599.

Take a breath

Providing your small business with the space to breathe. Work with our experts on devising a plan to get your business out of financial trouble and back on track.

Turnaround Efficiently

Due to the efficient processes, Small Business Restructuring terms are simplified.

Cost-effective Approach

A Small Business Restructuring plan drawn up by experts will help you get more favourable terms with creditors, costing your business less time and money.

About your recovery partner

  • Accountants Daily
    Finalists, Fastest
    Growing Firm
  • AFR Top lOO
    Accounting Firms
  • CA and CPA
    Qualified
    Accountants
  • National Team
  • ASIC Registered
    Liquidators
  • ARITA
    Professional
    Members
data.wpPage.smallBusinessRestructureLandingPageOptions.testimagebr.altText

Very knowledgeable and professional. A pleasure to deal with

- Robert Grul

What is a Small Business Restructure?

A simplified debt restructuring process, small business restructuring lets directors remain in the driver’s seat. It offers a lifeline to businesses facing financial difficulties with a structured approach to improving a company’s operational efficiency and financial health while being able to continue trading. Tailored for businesses facing financial challenges yet having viable business models, a small business restructure is an efficient solution for resolving financial distress.

A small business restructure is a cost-efficient alternative to voluntary administration, aimed at simplifying operations and debt management while preserving resources and business continuity. The process is managed with the guidance of a Small Business Restructuring Practitioner (SBRP). The SBRP expertly crafts a Restructuring Plan that details the methods for managing debts and altering operations to achieve profitability.

Early engagement with a qualified SBRP can effectively streamline your operations and financial strategies, preserving employment and avoiding drastic measures such as liquidation.

data.wpPage.smallBusinessRestructureLandingPageOptions.wrmagebr.altText

Small Business Restructure: A Cost-Effective Option to Get Back on the Front Foot

Weathering the storm when running a business can be stressful. What matters most is making the right decisions at the right time. A small business restructure is an effective solution when you’re faced with overwhelming pressures. Speak to us now to:

  • Stay in control of the company during the small business restructuring process.
  • Turnaround efficiently while saving your business time and money with cost-effective strategies drawn by experts.
  • Reach ideal outcomes sooner with a simplified design. A small business restructuring has a shorter process than other formal insolvency options.

Running a business can get tough and overwhelming, but it doesn’t need to be. Dealing with creditor pressures, mounting debts, or urgent ATO notices? Leave your worries to us.

Stay in Control

Throughout the small business restructure process, you retain control over your business decisions, supported by expert guidance. We’ll ensure you are fully informed and comfortable with each decision, empowering you to lead your business recovery confidently, backed by strategic advice from our insolvency practitioners.

Reduce Financial Stress

We understand that financial pressures can cause you to lose sleep, but we’re here with solutions. Our small business restructuring plans reduce your financial burden, allowing you to focus on running your business. By restructuring your debts and renegotiating terms with creditors, we strive to lighten your financial load with improved cash flow and give your business room to advance.

Solving Your DPN

Entering a small business restructure can solve your director penalty notice (DPN) issued by the ATO, ensuring you are not personally liable for the company’s debt.

Breathing Room & Legal Compliance

When implementing a small business restructure, creditors are made aware that a plan is in the works and repayments are put on pause, giving you the space to breathe. We work with you to get your business back on track while operating within a secure legal framework, preventing potential issues.

Low-Cost Solution

A small business restructuring is a cost-effective solution where you can leverage favourable conditions with the help of experts to reorganise your finances and operations. We help streamline your operations, offering effective cost-management plans to enhance efficiency and profitability.

Beyond cutting costs, our approach involves optimising your business model to thrive in competitive markets. Together, we can implement targeted changes that drive significant returns by aligning your resources with strategic goals. With our support, you can transform your business structure to promote scalability, increasing your market responsiveness and operational agility. A small business restructure also creates outcomes in a shorter period than formal insolvency solutions.

Reassuring Support

You’re not alone—we’re ready to help keep your doors open every step of the way. Our small business restructuring services extend beyond simple advice, finding a solution that places you in a favourable position with creditors and stakeholders for the best outcome.

Clear Communication

By attentively managing communications and expectations, we help preserve key business relationships during sensitive restructuring phases so your business can emerge stronger and more cohesive. Striving to understand the nuances of your industry, we thoughtfully apply best practices tailored to your specific circumstances, setting a solid foundation for ongoing improvements and long-term profitability.

Experienced & Qualified Experts

Our specialists in various fields offer a multidisciplinary approach to every small business restructuring process, ensuring comprehensive coverage of all possible angles. With insights and strategies beyond conventional solutions, we can effectively handle complex situations and offer actionable guidance with in-depth knowledge to get you back on the front foot.

The Small Business Restructure Process

A small business restructuring is a structured approach to help companies facing financial difficulties reorganise their debts and operations effectively. This process spans approximately 35 business days and is divided into two main phases, with directors maintaining control throughout.

Proposal Development (20 Business Days)

  1. Appoint Your Restructuring Practitioner: The process begins when you (director/s) appoint a Small Business Restructuring Practitioner (SBRP). The SBRP’s initial task is to confirm the company’s eligibility for the restructuring process.
  2. Continue to Trade: During the small business restructure, your company continues normal trading operations. You (director/s) will still manage the daily business activities, although any transactions outside the normal scope require the approval of the SBRP.
  3. We Will Notify Creditors: Early in the process, we (SBRP) will notify all creditors about the appointment and explain the restructuring process, ensuring creditors are fully informed about their rights.
  4. Together, We Develop Your Restructuring Plan: We collaborate with you to formulate a small business restructuring plan, which is shared with the creditors within 20 business days. This period can extend up to 10 additional days in special situations. The plan proposes how your business intends to manage its debts as to whether the creditors are prepared to accept an amount that may be less than their debt which may be paid over a period not exceeding three years.
  5. We Send the Proposal to Creditors: Creditors will receive a detailed report that includes the restructuring plan, an assessment, and a recommendation, helping them make an informed decision about the proposed debt restructuring.

Phase 2: Creditor Voting (15 Business Days)

  1. Creditors Review and Vote: Creditors first have 5 days to contest and adjust their recorded debts if necessary. Following this, they have 15 business days to vote on yoursmall business restructuring plan. Approval requires a majority vote from non-related creditors.
  2. Outcome of the Vote:
    • If Accepted: If the majority accepts your restructuring plan, your business moves forward under the plan’s terms, continuing operations in a financially reorganised state.
    • If Rejected: Should your plan be rejected, the protections against legal actions and personal liabilities for insolvent trading end. You (director/s) then must decide whether to continue trading independently, enter into liquidation, or consider voluntary administration.

Key experts in small
business restructure
process

Our small business restructuring solution isn’t just reactive, it is proactive. We don’t only help you deal with current financial risks, but we carefully analyse your business processes and help you identify potential problem areas that need attention. We support you, your firm, and your employees as we chart a way forward together.

How Small Business Restructuring Can Help

Don’t let financial challenges dictate your business’s future. Take control sooner with Mackay Goodwin’s small business restructuring services, where we help you navigate tough times with strategic planning and expert advice. We aim to support you in rescuing your business and setting it on a path to sustainable growth and success.

Be equipped to make the right decisions in moments that matter, and set your business up with a solid foundation to thrive. From small business restructuring to corporate debt restructuring, we understand each business has unique challenges.

Our tailored small business restructuring plans address your needs, helping reset financial footing, preserve jobs, stabilise operations and restore profitability.

We work with you to ensure minimal disruption during the transition period and maximise the effectiveness of the changes made. Get in touch with us today for a free consultation on how we can help your business overcome financial difficulties and emerge stronger.

In business, some moments are critical. These are the moments Mackay Goodwin is made for.

Reduce your financial distress

Retain control

Stay in control of the company while undergoing the restructuring process.

Reduce legal action by creditors

Creditors are unable to seek repayments if the company is in a small business restructure.

Solve your Director Penalty Notice (DPN)

Small Business Restructure offers as a solution to ensuring you are not personally liable for the company’s debt.

Take a breath

Providing you with the space to breathe. Work with key experts on devising a plan to get the business back on track.

Turnaround efficiently

Due to the simplified processes, Small Business Restructure creates outcomes in a shorter period than formal insolvency solutions.

Cost-effective solution

Experience reduced costs with a Small Business Restructure.

Is my company eligible for a
Small Business Restructure?

If you find yourself ticking all the boxes, get in contact with us today

Don’t meet the criteria?

Your debt relief options may include:

    data.wpPage.smallBusinessRestructureLandingPageOptions.imageguide.altText

    Guide to Small Business Restructure

    Read More
    Read Time
    7 minutes

    We've helped businesses just like yours

    Reducing debt levels by 85%, back to profitability

    An electronic security company in Brisbane with clients ranging from small boutiques to international mega-corporations within Australia was experiencing difficulty with their cash flow, so Mackay Goodwin stepped in to help. An 85% reduction in debt got the company through a major trading and cash flow problem.

    Turnaround legal expenses into a positive

    When an Adelaide building development corporation found itself in a lengthy and protracted legal dispute over a costly project, it found itself unable to trade out the heavy losses it had incurred as a result of the deal. Thanks to a DOCA, restructuring and dispute resolution managed by Mackay Goodwin, the corporation continues to trade today.

    A 75% reduction in debt levels saw Melbourne-based company thrive again

    When a Melbourne-based earthmoving firm managed to contact Mackay Goodwin over their financial difficulties, they had built up a $280,000 backlog with the Australian Taxation Office (ATO). Thanks to the advice and actionable solutions of our experts, the firm saw A 75% reduction in tax debt, and it got this earthmoving corporation moving again.

    Meet the people in our team

    At Mackay Goodwin, we have a nationwide team ready to assist you. Our team of qualified professionals, including ASIC registered liquidators are experts at finding solutions for people facing financial difficulties. Located across all major Australian cities, we’re ready to help you in any situation.

    Gavin King

    Director, ASIC Registered Liquidator & AFSA Registered Bankruptcy Trustee

    Sydney

    Read More

    Mitch Ball

    Chief of Insolvency Operations & ASIC Registered Liquidator

    Sydney

    Read More

    Caitlin McAuliffe

    Analyst

    Brisbane

    Read More

    Gavin King

    Director, ASIC Registered Liquidator & AFSA Registered Bankruptcy Trustee

    Sydney

    Read More

    Mitch Ball

    Chief of Insolvency Operations & ASIC Registered Liquidator

    Sydney

    Read More

    Caitlin McAuliffe

    Analyst

    Brisbane

    Read More
    All People
    All People

    Get in touch

    Speak to one of our experts now for a free consultation.
    Enter your details below or call 1300 750 599.

    x

    Get in touch

    Speak to one of our experts now for a free consultation.
    Enter your details below or call 1300 750 599.