Wexted Advisors have recently issued an updated thought piece on the new small business restructure (SBR) reforms that came into effect from 1 January 2021.
This reform provides another alternative to Voluntary Administration (VA), Liquidation and safe harbour for distressed businesses however, there are specific eligibility criteria.
Our view is the new reforms are positive for the industry as this allows directors to stay in control while a financial restructure (ie dealing with legacy creditors) is undertaken.
Wexted Advisors regularly works with accountants to provide advice to companies facing financial and strategic challenges. Should you have a client that is facing financial distress due to COVID-19 or other factors and could benefit from the new small business restructuring reform, please feel free to contact Andrew McCabe or Rajiv Goyal at anytime on 02 9210 1700.
Please click here to view our Small Business Restructure Reform Brochure