On the back of over 220 appointments in the first half of 2023, the latest prediction for Small Business Restructuring is that there will be over 560 appointments this year. All appointments made this year are published on our SBR Statistics webpage.
As a recap, Small Business Restructuring was introduced on 1 January 2021, as a different way for businesses struggling with debt to formally deal with their creditors. While not publicly acknowledged, the scheme had many of the hallmarks of policy long advocated by the ASBFEO and the then Ombudsman, Kate Carnell. It seems much of what Ms Carnell suggested made its way to the legislation (which commenced while Australia was still in the grip of COVID 19). At the time, the nation already had endured lockdowns; and small business, although doing it tough, was quietly getting by on government handouts and to a large degree, the generosity of the ATO and Banks. It was understandable then that the take up was initially miniscule.
Appointments since the introduction of SBR
Appointments of SBR to May 2023
It is great to see the SBR regime up and running at record levels.
Those that might think the system is a failure should try thinking about the concept through the eyes of a small business owner who needs this type of lifeline. It is a necessary and welcome addition to the