The introduction of the Small Business Restructuring laws on 1 January 2021 provides a new regime to save businesses which are viable but struggling coming out of the Covid-19 pandemic.
The process is a debtor led restructuring, which means owners remain in control of their business as a restructuring plan is developed. The timeframe is limited and the fees are fixed to give more certainty.
We at BRI Ferrier believe in exploring ways to save viable businesses, providing unique turnaround opportunities and creative solutions. This new regime gives troubled small business another path to survival, with tangible outcomes for their creditors.
We have prepared an easy to understand illustration of the Small Business Restructuring process below.
Please contact us at BRI Ferrier for advice on this and the other restructuring options available.
As always, in challenging times we encourage parties to seek advice early and take decisive action.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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