There are many people who take loans for the growth of the business as it is important for every business. But a loan is healthy when you can handle and repay it on time. Most people are stuck with a huge loan amount and are not able to repay it, if you are also one of them then you must have to take the help of the financial advisors. We recommend you to visit our site and check out the simplified debt restructuring process as it will help your business to deal better with loans.
These are few points that will help you to know your business is eligible for a simplified debt restructuring process:
- Your business should be incorporated with less than 1 million dollars in liabilities.
- You should be insolvent or become insolvent in the future time.
- You will be substantially compliant with the payment of the employee’s entitlements and tax lodgements as well.
- The insolvent company and any of its directors which are of the previous 12 months and current are not engaged in the small business restructuring process. Or they have not undertaken a simplified liquidation in the last 7 years.
- Your business will not be under other restructuring or administration including a deed of the company arrangement.
If you have all the above points then you are able to go for the simplified debt restructuring process. The simplified insolvency program provides micro companies a fast, simple, and low-cost proceedings to assist in the winding up of the company. There are two other programs under SIP which are SWUP and SDRP. To know more details you must have to visit our site and read all the details provided there. If you have any kind of query regarding the SIP or our programs then you can use our customer support service. They will solve all your queries and doubts regarding the debts programs.