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Step by Step Small Business Restructuring (SBR)

Step 1
Speak to GM Advisory about your goals and what you hope to achieve from a SBR. Draft your own plan. GM Advisory will assist you to create a plan that may be acceptable to your creditors. Our extensive experience guides us in terms of what creditors will and will not accept. See testimonials here.

Step 2
GM Advisory will assist you to decide which insolvency practitioner should be appointed.  Who can you work with and who has your best interests front of mind.

Step 3-4
GM Advisory will assist you to approach your creditors to explain the plan if necessary and liase with the SBR on your behalf.

Step 5
Assistance irrespective of the outcome in Step 4.

Pre-Appointment

  • Advisor assesses The Company‘s health and prepares directors for the SBR process, including Plan B if it fails.
  • Ensures The Company is able to meet the eligibility criteria.
  • Consider Safe Harbour during this time.
  • The Draft Plan and Cashflow prepared to ensure the proposal is realistic and affordable.

Proposal Period

  • Lasts for 20 Business Days after the SBR Practitioner is appointed.
  • Company not controlled by the SBR Practitioner.
  • Creditors receive the draft plan early so they can comment on it and this provides feedback for developing the Final Plan.

Acceptance Period

  • Final Plan issued to Creditors.
  • Creditors can vote for or against the Final Plan.
  • Period open for 15 Business Days.

Plan Period

Maximum 3 years.