Another SBR Approved
Another Small Business Restructuring Plan approved by creditors. It’s always great to save another small business.
A great way to start the week, with another Small Business Restructuring Plan approved by creditors.
This one was a tricky one:
😬 ATO wind up proceedings were on foot at the time of appointment.
😬 The company's records were not up to date.
😬 There were three years of tax returns and 18 months of BAS outstanding.
😬 SGC statements had not been lodged or paid for 12 months.
We worked through all these issues in the (extended) 30 business day restructuring period, with the help of an external bookkeeper and accountant, and were able to have the Company fully up-to-date and compliant by the time we issued the Restructuring Plan.
The Plan was accepted today, providing a solid 54 cents in the dollar return to creditors over the next two years.
It's great to save another small business and wonderful to see creditors support a struggling small business that did the right thing and took positive action to turn their situation around.