At Business Savers, we understand that every business is different and may require financial stress management. Each has its own unique set of challenges and goals. We have the breadth of knowledge and experience to support you regardless of the size of your business or the complexity of your situation.
We approach each situation with a fresh perspective, using our years of experience to build solutions tailored to your business and your financial situation. We want to get you back on track as soon as possible and will work with you to take the most suitable approach for you and your business without wasting valuable time.
Small Business Restructuring Process
The Small Business Restructuring Process or SBRP was introduced in 2021 as a tool to support businesses dealing with the economic impacts of the COVID-19 pandemic. The SBRP has been designed to provide a mechanism to allow businesses to work with a Restructuring Practitioner to develop a plan in order to pay off their debts in full, or part, within a 3 year period. If you’re still wondering about the meaning of a business restructure then feel free to reach out to our team to help you understand better.
Of significant benefit to small businesses is the fact that throughout the process, Directors will remain in control of the company and continue to trade the business while working closely with the Restructuring Practitioner to address issues within the business.
In short, the company has 20 business days to formulate and propose a plan. Once creditors have received the plan, they are given 15 business days to vote. In order for the plan to be approved, more than 50% in value of unrelated creditors must vote in its favour.
To get your business back on track, contact our team about the Small Business Restructuring Process today!
Business Turnaround Management
Business Turnaround Management is a process which allows an independent expert to review and analyse a company to determine why it may be failing or dealing with financial stress. Turnaround Management can help a business get back on course where major failures in business control or management have occurred. The main aim is to ensure improvement of performance and the long-term success and viability of the business.
Our expert team want to help your business get back on course and will work closely with you to develop strategies to address immediate concerns and put a plan in place to set you up for future success.
To get your business back on track, contact our team to discuss Turnaround Management today!
What COVID-19 support am I eligible for?
With many business dealing with the economic impacts of the COVID-19 pandemic, our team have experience in providing tailored support to businesses. With a variety of measures and programs in place to assist in recovery, Business Savers can assess your situation and explain all of the available options to you.
It is important to be proactive and take action as soon as possible. Seeking professional advice is vital if you are experiencing financial distress due to COVID-19.
To get your business back on track, contact our team today to discuss what COVID-19 support options are available!
Safe Harbour was introduced in 2017 with the intention of providing protection to company directors from being personally liable for insolvent trading. To be protected under Safe Harbour legislation, directors must have genuinely attempted to restructure their company. This includes working with a qualified professional to develop and implement a restructuring plan for the company.
Failure to act in the best interest of the company can have significant implications including criminal charges, civil penalties and compensation proceedings .
Business Savers has extensive experience providing support to businesses and advising on how best to access the benefits provided through Safe Harbour laws.
To get your business back on track, contact our team about Safe Harbour today!
Voluntary Administration is a formal process designed to resolve a company’s future. In Voluntary Administration, an independent liquidator, known as a Voluntary Administrator, takes control of the company and deals with pressures from suppliers and other creditors while also reviewing the company’s affairs. This provides an opportunity for a director or third-party to find a solution to save the company or its business, if possible.
There are a variety of reasons a company may enter into Voluntary Administration including:
- continuing losses
- taxes being overdue
- an inability to obtain further finance
- not paying suppliers and other creditors on time
The Voluntary Administration process typically lasts between 25 to 30 business days after which time the company either enters into a Deed of Company Arrangements (learn more here) or may go into liquidation.
To learn more about the Voluntary Administration process, read our article here.
Business Savers are experts in Voluntary Administration. Contact us to discuss your options today!
Creditors' Voluntary Liquidation
A Creditors’ Voluntary Liquidation occurs when the shareholders of an insolvent company decide to liquidate the company and appoint a liquidator. It can also take place following a Voluntary Administration.
Some benefits of a CVL include:
- directors may avoid or limit personal liabililty under a DPN from the ATO (learn more about Director Penalty Notices here)
- liability for insolvent trading may be reduced
- an independent expert is appointed to the company to ensure the company’s affairs are wound up in accordance to the law
- avoids the company being placed into liquidation by the ATO or other creditors
The CVL process is straight forward and provides the best outcome for a company which has ceased trading or is no longer viable. By opting to go this route, directors can ensure they are meeting their responsibilities. It is essential to speak to a qualified Registered Liquidator to understand process involved in the liquidation of a company.
To learn more about the Creditors’ Voluntary Liquidation process, read our article here.
Business Savers have a wealth of experience in conducting Creditor’s Voluntary Liquidation matters. Contact our team to learn if a Creditors’ Voluntary Liquidation is right for your business today and speak with an insolvency specialist to find out what your options are!
Members' Voluntary Liquidation
In an MVL, the assets of a company are distributed under the control of a liquidator to the creditors and members of the company.
There are a variety of reasons the Members’ Voluntary Liquidation process may be used.
These could include:
- where a group structure may be particularly complex, utilising the MVL process to simplify the structure can greatly reduce the compliance costs of the organisation.
- The reason for the existence of the company is no longer relevant or the company has served its purpose
- an additional measure of security as a Liquidator is appointed if the company is revived
- generational change in a family business where a younger generation of leadership seek to go their own way
Utilising the MVL process may also provide tax benefits to the shareholders of the company. To find out if an MVL may be the right solution for your situation, contact Business Savers to arrange your free consultation.
Business Savers have a wealth of experience in conducting Members’ Voluntary Liquidations. Contact our team today to learn more!
The Simplified Liquidation process was introduced in the wake of the COVID-19 pandemic. It is a streamlined version of the Creditors Voluntary Liquidation process and has been designed to reduce the time and cost involved in the liquidation of a business.
The Simplified Liquidation process can be adopted where a company has been placed into a Creditors Voluntary Liquidation and where the liquidator believes the company meets the eligibility criteria.
For a company to be eligible, the company must:
- be in a Creditors Voluntary Liquidation where the event which triggered the matter occurred on or after 1 January 2021
- have liabilities of less than $1 million on the day the liquidator is first appointed
- not be able to pay their debts in full within 12 months
- not have used the Simplified Liquidation or Restructuring Process in the last 7 years (including current and former directors)
- be up to date with lodgements to the ATO
In general, the Simplified Liquidation process is faster and more cost effective than a traditional Creditors Voluntary Liquidation due to the reduced reporting, investigation and distribution requirements. It is essential to speak with a qualified Registered Liquidator to understand what is involved in the liquidation process.
Our team can meet with you for a free, no obligation consultation to assess your situation and determine if you are eligible for the Simplified Liquidation process.
Business Savers have the experience and know-how to assess your business and advise if a Simplified Liquidation is right for your business. Contact our team about Simplified Liquidation today and speak with an insolvency specialist to find out what your options are!
Personal Insolvency Agreements
The length of the PIA depends on the agreed timeframe outlined in the proposal and you may not be released from all debts.
Business Savers can help get you back on track. Contact our team about Personal Insolvency Agreements today and speak with an insolvency specialist to find out what your options are!
What is Bankruptcy?
Bankruptcy is a legal process which can release you from most debts and provide relief, allowing you to make a fresh start. A trustee is appointed when you become bankrupt and will manage the bankruptcy process.
There are key warning signs to be aware of which may indicate that bankruptcy is a suitable option for you.
- Unable to pay your bills, credit cards or bank on time or at all
- Borrowing money from family and friends due to lack of saving
- Applying for more credit or having applications for additional finance rejected
- Receiving demand letters or overdue payment notices
When you are bankrupt, you must provide details of debts, income and assets to your trustee. The trustee will notify your creditors that you are bankrupt which will prevent most creditors from contacting you about your debt.
The trustee will legally be allowed to sell certain assets in order to pay your debts and you may be required to make compulsory payments if your income is over a specified amount.
Learn more about declaring bankruptcy.
We believe Bankruptcy is a last resort and will work with you to find alternative solutions to your situation. Contact our team to speak to a qualified Registered Trustee in Bankruptcy and find out what options are available to you.