The New Debt Restructuring Procedure – A Case Study
Legislation has recently been introduced into Parliament for the new debt restructuring process. The new process, which is only available for companies with debts less than $1 million, is intended to commence from 1 January 2021.
The new process will involve a “small business restructuring practitioner”, who must be a Registered Liquidator, helping the business prepare the plan, certify the plan to creditors and oversee disbursements once the plan is in place.
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