The firm is pleased to announce that on 31 March 2023 Ben Sewell of Sewell & Kettle Lawyers was registered as a Restructuring Practitioner by ASIC. Ben is only the second person in Australia to be registered as a Restructuring Practitioner.
Ben’s comments were:
I’m pleased that I can now offer formal restructuring options to clients through the small business restructuring process. The success rates of the process have been high and it offers a streamlined approach to saving worthwhile, but insolvent, businesses.
What is the small business restructuring process?
The small business restructuring process was created during COVID-19 to offer businesses a cheaper and more streamlined formal restructuring process. It is open to companies with less than $1million in total liabilities to appoint a Restructuring Practitioner to assist them to put a restructuring plan to creditors. If the restructuring plan is accepted by creditors the company will have a reduced debt burden and any future payment obligations will be specified by the restructuring plan. To date the success rates of the process have been much higher than voluntary administration.
You can check the certificate here, click on the button.