The simplified restructuring process will allow small business owners to continue operating their company for up to 35 business days while a debt restructuring plan is agreed to between owners and suppliers.
Guide to the
Olvera First
programme
Step-by-step guide to our programme:
1.
To begin the process, please complete our start the process application form.
Once we have received your form we will call you within 24 hours to discuss your business situation and eligibility. This call will take place at a time best suited to you.
2.
You will receive an email from us with a link to a business eligibility assessment – 24 simple questions about your business, assets and creditors.
This assessment will help us determine if your business meets the requirements* for our small business restructuring programme.
If your business meets the minimum requirements, you will receive an email contain your login details for the Olvera First Portal.
*Your eligibility is subject to the subsequent provision of supporting documentation
3.
You have a telephone call with us to go through the basics of the programme and all the requirements for you to continue to trade the business.
For example;
- How much cash do you need to trade
- What do you say to suppliers
- What do you say to employees
- What you can and can’t do during the process
4.
Log into the Olvera first portal, entering the username & password provided on the welcome email. You can change your password once you have logged into the portal.
5.
Once you have logged on the portal, you will be required to upload supporting business documents via the My Documents tab. These documents will support the information provided in your original assessment.
- Proof of identity – 100 point check
- Last Bank statement
- Aged debtors list
- Aged creditors list
- Your lease agreement
- Any asset leases
- Last years P&L
- Current balance sheet
- Property, Plant & Equipment Schedule
- Employee list (Including Name, Contact address, Phone & Email)
- Creditors list (Including Name, Company Name, Contact address, Phone & Email)
- Any other supporting documents
6.
You make an appointment to meet with us via the appointment booking tab on the portal. The appointment will be conducted via video call.
7.
At the time of the booking, you will be required to pay an initial fee of $1,500+GST through the portal. To make the payment, go the invoice tab on the portal. Our payment platform accepts all major debit & credit cards
Learn more
8.
Once the appointment is accepted by an advisor, an email will be sent to you from Olvera First confirming meeting and link to video platform. Please allow 1-2 hours for on boarding meeting.
9.
Your on boarding meeting. This meeting is where you will make a director’s statutory declaration that you are eligible. You will also pass the directors resolutions to starting the appointment. We will issue a certificate declaring your business is eligible for the small business restructuring programme & how to trade your business. All these documents will be uploaded via the my documents tab on the portal.
10.
We will send a letter to all of your suppliers advising that the process has commenced which starts the protection period. This part will last up to 20 business days (4 weeks) during which we will help you prepare the plan. We will try and target a planning period of no more than 10 days to get your plan to suppliers faster.
11.
We will invite you to a review meeting on the video platform to agree on the final plan. The final agreed fee of $4,000+GST will be paid through the portal on the invoice tab.
12.
We will prepare the final agreed to restructure plan and standard terms, and the proposal statement to be issued to suppliers.
13.
Your suppliers are sent the restructuring plan and will have 15 business days (3 weeks) to submit a proof of debt and vote on the plan and the proposed remuneration for the restructuring plan. The proposal is accepted if the majority in value – 50% of supplier claims approve the plan.
14.
If proposal is accepted by suppliers, we administer the plan and make distributions in accordance with it.
15.
If proposal is rejected by suppliers, we will help you decide on the next steps which may include the business going into voluntary administration or use of the new simplified liquidation process.
