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The small business restructure (SBR) framework gives struggling companies with debts under $1 million a chance to survive. Unlike liquidation, directors remain in control while a restructuring practitioner helps develop a repayment plan for creditors. This process is cost-effective and can save jobs while ensuring creditors receive a better return than liquidation. If restructuring fails, creditors voluntary liquidation Penrith may follow. For directors who receive a Director Penalty Notice, SBR may help avoid personal liability. Learn more in our blog on what happens when a company goes into liquidation.
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