With rising costs, cash flow challenges and increasing financial pressures, many small business owners are feeling the strain.
But did you know there’s an option that could help you regain control without shutting down your business?
Small Business Restructuring (SBR) is designed specifically for businesses facing financial difficulties by offering a structured way to deal with debt while keeping operations running. Yet, many business owners remain unaware that this option exists until it’s too late.
Why Knowing Your Options Matters
Too often, businesses wait until they are on the brink of insolvency before seeking advice. By understanding your options early, you can make informed decisions that could mean the difference between recovery and liquidation. Even if you’re just starting to feel the pressure, now is the time to get the right information and plan ahead.
SBR allows business owners to:
- Retain control while working with a restructuring advisor
- Negotiate with creditors to settle debts under a structured plan
- Avoid liquidation and protect your business from unnecessary closure.
To be eligible, your business must have debts under $1 million and all employee entitlements, including superannuation, must be paid before restructuring. Many businesses take steps to reduce their debt to meet this threshold – something that can be planned in advance.
A Joint Approach to Financial Recovery
The Australian Taxation Office has taken a commercial approach to SBR, working with businesses rather than against them. This means well-prepared restructuring plans stand a strong chance of success.
Get the right advice sooner rather than too late! If financial pressure is mounting, don’t ignore it. Knowing your options early could mean the difference between salvaging your business and closing the doors. Whether you’re unsure about eligibility, need help structuring a plan or just want to understand what’s possible, we’re here to help.
Contact Carrick Aland on 07 4669 9800 across the Western Downs or Darling Downs to discuss your situation confidentially and explore your options.
