Small Business Restructuring

What are the duties of insolvency practitioners in Australia?

What are the duties of insolvency practitioners in Australia?

Estimated reading time: 8 minutes

Corporate insolvency practitioners are important gatekeepers in the economy. In Australia, there is a paradox that the system is designed to try to stop the insolvency practitioner from giving meaningful pre-insolvency advice to insolvent businesses. This is a pity because insolvency practitioners are well-placed to give pre-insolvency advice. 

Image for the article: A Complete Guide to Simplified Debt Restructuring

A Complete Guide to the Small Business Restructuring Process

Estimated reading time: 27 minutes

Simplified debt restructuring is a new process available as of 1 January 2021 to support financially distressed small businesses. In simplified debt restructuring, an independent professional known as a ‘small business restructuring practitioner’ is appointed to a distressed debtor company to assist with restructuring the company’s debt via development of a ‘restructuring plan’.