From www.accountantsdaily.com.au: Small Business Restructuring is a formal process introduced in January 2021 that allows eligible insolvent small businesses to restructure their debts while remaining under the control of their directors.

The process involves appointing a Small Business Restructuring Practitioner to help prepare a restructuring plan, which must be approved by the majority of creditors.

SBR offers benefits such as reduced costs compared to voluntary administration or liquidation and enables the continuation of trading during the restructuring phase.