What's the criteria for a small business restructure?

Should the company meet certain eligibility criteria, a small business restructuring practitioner may adopt this process rather than a voluntary administration.

The main criteria are:
  • the company’s total liabilities do not exceed $1 million (liability is taken to mean any liability or obligation, including contingent debts);
  • no director has been a director of a company that has previously used the simplified
  • liquidation process or a debt restructuring process; and the company’s tax lodgments are up to date.