Safe Harbour Guide

The Safe Harbour reforms are now law, coming into effect on 19th September 2017

At Corporate Guardian, we encourage early engagement when problems arise as the available options are limited once a company’s business becomes terminal.

To find out more about the suitability of Safe Harbour for your business please contact our experts now!

Gosford

98 Mann Street
GOSFORD NSW 2250

T: 1300 788 788
F: (02) 4322 0544

Tamworth

345 Peel Street
TAMWORTH NSW 2340

T: 1300 788 788
F: (02) 4965 6500

Safe Harbour Guide

The Safe Harbour reforms are now law, coming into effect on 19th September 2017

At Corporate Guardian, we encourage early engagement when problems arise as the available options are limited once a company’s business becomes terminal.

To find out more about the suitability of Safe Harbour for your business please contact our experts now!

Tamworth

345 Peel Street
TAMWORTH NSW 2340

T: 1300 788 788
F: (02) 4965 6500

Gosford

98 Mann Street
GOSFORD NSW 2250

T: 1300 788 788
F: (02) 4322 0544

 

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Offices in NSW, VIC, QLD & WA

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Call us now on 1300 788 788 for IMMEDIATE solutions for your business.

Offices open 8am-8pm AEST

Call us now on 1300 788 788 for IMMEDIATE solutions for your business.

Offices open 8am-8pm AEST

Free Consultation

What is Safe Harbour?

The new Safe Harbour provisions are designed to protect directors from insolvent trading liability if those directors take reasonable steps to try and rescue the company from insolvency. Directors should know that obtaining expert advice is recommended to ascertain what these reasonable steps should be.

Safe Harbour intentions?

The intention of the Safe Harbour provisions is to allow directors some comfort and breathing space to attempt to turn around a company where there are real prospects of rehabilitation and there is a realistic turnaround plan.

What does it mean for you?

Essentially Safe Harbour is an additional defence that directors have against allegations that they traded a company while it was insolvent. Generally, if such an allegation is proven, directors can be ordered to pay compensation equal to the debts the company incurred from the date of insolvency. However, if a director has undertaken reasonable steps to save the company, including potentially obtaining expert advice, that director may have protection from this liability under the Safe Harbour provisions.

Corporate Guardian is able to provide this expert advice with a free first consultation.

What is Safe Harbour?

The new Safe Harbour provisions are designed to protect directors from insolvent trading liability if those directors take reasonable steps to try and rescue the company from insolvency. Directors should know that obtaining expert advice is recommended to ascertain what these reasonable steps should be.

Safe Harbour intentions?

The intention of the Safe Harbour provisions is to allow directors some comfort and breathing space to attempt to turn around a company where there are real prospects of rehabilitation and there is a realistic turnaround plan.

What does it mean for you?

Essentially Safe Harbour is an additional defence that directors have against allegations that they traded a company while it was insolvent. Generally, if such an allegation is proven, directors can be ordered to pay compensation equal to the debts the company incurred from the date of insolvency. However, if a director has undertaken reasonable steps to save the company, including potentially obtaining expert advice, that director may have protection from this liability under the Safe Harbour provisions.

Corporate Guardian is able to provide this expert advice with a free first consultation.