S3E9: Why acting early to restructure can save your client’s small business
Small Business Restructuring is where a chartered accountant, their client and a registered liquidator work together to deal with the debts of the small business before it’s too late. This episode uses a real-world example of the process in action to show how it all works and explains to CA ANZ members the steps to take to get their client started. The key – acting early. Find out what’s holding members and clients back, the role of a registered liquidator (RL) and why using an RL will improve your relationship with your client. Registered liquidator and trustee in bankruptcy Andrew Barnden FCA (Director, Rodgers Reidy) and CA ANZ Senior Policy Advocate for Business Reform Jill Lawrence join Gillian to explain.
CA ANZ Helpsheet: Insolvency reforms to support small business
The chartered accountant’s role in insolvency and restructuring
Read more about the Small Business Restructuring Process in Acuity
REP 756 Review of small business restructuring process | ASIC
“If you sit with your accountant and call in the specialist – a registered liquidator – they can help you navigate that journey, if you’ve got a viable business. That’s the key here… let’s get the debt sorted and clear you to move ahead and that’s what saves the business, acting early,”
“I often find it’s a three-way partnership between myself as a restructuring practitioner, who is often only involved for a short period of time, the member, who normally becomes involved in the turnaround strategies and their implementation, together with the ongoing monitoring of their client, and the client themselves,”
