Crucially however, before appointing a restructuring practitioner, directors should consider whether, at the time a restructuring plan is to be proposed to creditors (which is 20 business days after signing up to the process) the company will have (or substantially complied with the requirement to have):
paid the entitlements of employees that are due and payable which includes superannuation; and
lodged the various company returns required by taxation laws.
Having satisfied the eligibility criteria, the company can then propose a restructuring plan. Plans can be creative but they usually involve a lump sum payment, or a repayment plan over less than 3 years. To understand what your plan might look like, complete this form for a draft proposal.