Is Your Business Eligible for Safe Harbour?
The Safe Harbour legislation was introduced in 2017 to alter the director’s decision process prior to appointing a voluntary administrator or liquidator and rewards such behaviour with protection against personal liability for insolvent trading of a corporation. If the Directors adopt the prescribed steps, then personal liability for insolvent trading is excluded from that point on. Note here that the directors must have met all the legislative requirements to take advantage of the safe harbour.
The primary trigger is that the directors can show they were developing or taking a course of action that at the time was reasonably likely to lead to a better outcome for the company than proceeding to immediate administration or liquidation.
How tph can help
TPH provides a systematic step-by-step approach to the implementation of Safe Harbour which simultaneously meets the legislative requirements of Safe Harbour while also maximising the changes of successful turnaround and continued operation. This system meets but goes beyond the guidelines provided by the Turnaround Management Association.
The system includes cashflow analysis, debt negotiation, short terms cashflow resolution, strategic direction, personnel management, KPI management, sales and marketing, accounting and bookkeeping systems and services and more.
For the directors to utilise the safe harbour provisions the onus is on the directors to prove that they have:
Other pre-conditions are:
Safe Harbour Case Studies
Safe Harbour Non-Profit Case Study
Safe Harbour Company Exit Case Study
Let’s Formulate your best solution?
Senior Strategy Expert
Restructure, Turnaround & Insolvency
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When a business goes through difficult times it can feel like you are in a boxing match having gone 10 rounds with banks, landlords and creditors.
tph is in your corner giving you all the tools and expert advice to navigate the best outcomes for all parties. Think of tph as the referee guiding you through, ensuring that all parties play by the rules.
Each situation is unique and requires a tailored approach, we understand there are difficult problems that require creative solutions. That’s the tph difference, experienced practitioners with more than 30 years of knowledge in the industry. That’s how you know you are getting the best advice to transition you and your business.