69. The Prologue to 24

In this Prologue to The Sounds of the Baskerville Podcasts for 2024, James Flaherty, talks with two insolvency experts, Chris Baskerville and Bill Cotter, about the Small Business Restructuring (SBR) regime in Australia. SBR is a relatively new option for businesses with less than $1 million in debt to restructure their affairs and avoid liquidation, with the help of a Small Business Restructuring Practitioner (SBRP). Bill and Chris explain that the SBR process is fast, efficient and a bit more flexible than formal insolvency events. , SBR allows businesses to propose a plan to their creditors that can reduce their debt and improve their cash flow. The SBR process has a high success rate, with over 80% of the plans being accepted by creditors, often the Australian Taxation Office (ATO), which is typically the largest creditor.What works, what doesn't and why act now (we always say that, but why this time?)