In situations of strong headwinds, Vantage Performance is there to help and provide you with a Safe Harbour to provide time and resources to turn around your company and to get it back on track.
What is Safe Harbour?
In September 2017, the Government introduced legislative reform that provides Directors with protection from insolvent trading as long as they enact the Safe Harbour process.
The purpose of the Safe Harbour reform is to enable Directors to develop a turnaround plan for their business with the peace of mind that they won’t be sued for insolvent trading should the plan not be successful.
The legislation recommends that Directors engage an appropriately qualified entity / Turnaround Advisor to advise the company and assist in developing and executing a turnaround plan.
Vantage Performance is a leading expert in this field. Provided below is some useful links to more information about how the Safe Harbour process works.
If you would like a more detailed overview of the Safe Harbour process and how it works, click here to download the Safe Harbour Protection eBooklet.
My philosophy is that there is always a way to solve a crisis, as long as you’re engaged early enough.
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Michael is the founder and CEO of Vantage Performance.
Michael is passionate about helping businesses solve their biggest challenges and seeing the positive impact this has on people’s lives.
“In a time of financial stress, maintenance of the confidence of financiers in a client becomes more challenging even with a robust workout plan. Michael’s experience and strong reputation with financiers positions him well to bridge this confidence gap between financier and client. This, coupled with his advice in the preparation of a turnaround plan makes him a key player in any successful business turnaround.”
Oliver Martin, CFO, Smithbridge
“We engaged Michael and the Vantage team to provide a strategic review and implementation plan to assist us re-position our business after a challenging period. The team’s knowledge, commitment and professionalism were well regarded by us and this was instrumental in achieving our goals for the review and our business going forward. The credibility, discipline and momentum provided by the team was everything we hoped for and I am very happy to recommend their work.”
STEPHEN BARNARD, CEO, NATIONWIDE HIRE
“Michael ran the project well and on time. The outcome was increased financial support from our Bank to allow us to implement a business sale without cash flow pressures.”
JOHN POWER, GM, PROSERPINE SUGAR
“Michael and I have worked on a number of matters together for mutual clients. I have always found him to have a detailed understanding of the key drivers that impact on the ultimate outcome, and an unwavering focus on obtaining the best possible result for his clients.”
LUKE MOUNTFORD, PARTNER, HOPGOOD GANIM LAWYERS
“Whenever I identify that a client needs assistance to guide them through tough financial circumstances, I have no hesitation in recommending Michael. I have worked closely with Vantage on a number of turnaround and profit improvement assignments and they are the best in the business.”
SCOTT BUTLER, PARTNER, MCCULLOUGH ROBERTSON LAWYERS
“CBO Telecommunications sought the advice and services of Michael and the Vantage team last year when the mining industry made it very difficult through extended payment terms for SMB’s to participate in our day to day business. Michael not only brought a wealth of knowledge and industry peers to the table for us to navigate a path forward, he also managed the implementation of short and medium term strategies. We had a very successful outcome and continue to strive to be a thought leader in our market.”
Mark McGregor, Managing Director, CBO Telecommunications.
“Michael has made a fantastic contribution to the turnaround at SubZero Group. His support, drive and understanding of what it takes is greatly appreciated.”
Joe Clayton, CEO, MRS Plc
“Michael is a genuine turnaround expert. Michael will get to know your business very well and formulate a creative and practical plan to overcome the difficulties you face. Michael is also adept at adjusting and varying the strategy as things progress and change.”
Paul Betros, Partner, Hopgood Ganim
“Michael and the team at Vantage Performance have completed several assignments for me. They have always exceeded expectations with attention to detail and an intimate knowledge of the business and industry they have been asked to assess. If they don’t know an answer they find it and provide practical solutions to get the best possible result.”
Russell Morrison, Director, Westpac Bank
Michael Fingland has 20 years’ experience in business transformation, restructuring and turnaround.
Moving from a Chartered Accountancy background into corporate advisory he has worked in a wide range of industries from mining services, retail, agri, civil, transport, manufacturing, telecommunications, engineering to construction.
Michael has been awarded the “Australasian Turnaround Professional of the Year Award” by the Turnaround Management Association and a number of his client engagements resulted in Vantage Performance winning the “Turnaround of the Year Award” ten times.
Michael is a columnist for The CEO Magazine and regular contributor to other publications such as the AFR and BRW.
Qualifications
Chartered Accountant
Bachelor of Business, CQU
Awards
Australasian Turnaround Professional of the Year Award by the Turnaround Management Association (TMA).
Ten of his client engagements resulted in Vantage Performance winning the “Turnaround of the Year Award”.
Successful turnaround and restructure that led to a refinance of the Groups debt facilities totaling $17M, an increase in earnings of $5.2M and an improvement in enterprise value of $15M.
Strategic review and turnaround for a diversified agribusiness with annual turnover of $110M. Initiatives resulted in a 31% improvement in enterprise value increasing from $87M to $115M. The recommendations also resulted in a $30M improvement in working capital including a capital raise of $22M.
Strategic review and turnaround of a mining services company resulting in an increase in enterprise value of $39M. Key actions included revenue growth, stakeholder management, working capital management, internal systems controls, tender/contract governance, $30M capital raise and vendor due diligence.
“Often the priority focus of our clients will be to obtain stability. Although key, it is the opportunity to continue the work with our clients towards sustainable change and long term viability, that I am passionate about. Without this next step, too often, companies achieve no more than a band aid solution, and we want to work to avoid that.”
Macaire leads the Sydney practice, bringing a wealth of experience gained over more than twenty years in the restructure of companies facing business critical challenges.
Macaire is well regarded as being a forerunner and highly influential advocate of safe harbour law reform in Australia. This reform, introduced in September 2017, facilitates the pursuit of recovery options by companies facing financial difficulties.
Prior to joining Vantage Performance, Macaire was a Partner of a global law firm specialising in corporate restructurings and special situations. Macaire began her career as an accountant in 1995, moving to the law in 1997. She has worked in Australia, the UK and the UAE with clients from across the globe.
Macaire is solutions focused, agile and clear headed under pressure. She has deep experience advising boards of companies and their executive teams, facing business critical challenges and more serious financial distress.
She has worked with clients across a range of industries, assisting them to:
understand and manage highly complex situations;
lead teams from a diverse set of disciplines and locations, to identify issues, risks and solutions;
coordinate competing work priorities in demanding, often high pressure environments or crisis situations;
coordinate external advisers and large, disparate groups of stakeholders;
deliver outcomes focused on securing a stable platform, and implementing complex debt restructurings and turnaround programs aimed at sustainable change and long term viability.
Macaire is a safe harbour specialist, having been instrumental in lobbying government for law reform at the highest levels including the PM’s office and in the crafting of the text of the law.
In recent years, Macaire worked closely with industry body, the Australian Institute of Company Directors, to co-author and present director training focused on ensuring solvency.
Qualifications
Graduate of the Company Directors Course (GAICD), 2015
Australian Institute of Company Directors
Advanced Insolvency Law & Practice, 1999
University of Southern Queensland (Placed first in NSW, third in Australia)
Bachelor of Laws, 1996
University of Adelaide
Bachelor of Commerce, 1994
University of Adelaide
Solicitor of the Supreme Courts of NSW and SA
Solicitor of the Federal Courts of Australia
(practicing certificate expired 30 June 2018)
Awards
Finalist, Thought Leader of the Year, Lawyers Weekly, Women in Law Awards, September 2016
Hot List Trailblazer, Australasian Lawyer, November 2015
Memberships
Australian Institute of Company Directors
Turnaround Management Association (Australia)
Providing expert safe harbour advice to an ASX listed company with global operations (revenue exceeding $1 billion), in the context of its near term stabilisation plans and proposed debt restructure / recapitalisation initiatives
Involved in the complex restructure of the Al Jaber Group, a prominent Middle Eastern group of companies operating in construction, logistics and government infrastructure projects. Debt in excess of US$5 billion restructured across 36 UK, European, Middle Eastern and Asian banks and more than 100 facilities, both conventional and Islamic *
Acting for the Co-operative Bank plc and its parent company, Co-operative Group Limited, on the bank’s recapitalization plan and liability management exercise (£25 billion capital requirement), involving a consent bail-in of certain listed debt and hybrid securities *
Advising a privately owned infrastructure company on a refinancing and M&A solution as part of the client’s organisational restructure *
Acting for a Chinese state-owned entity on a strategic agribusiness investment in Australia involving foreign investment review board advice, deal structure design and a new debt injection *
Assisting a junior listed mining company on its restructuring and recapitalisation program *
Acting for the senior lenders of a UK company on its debt restructure (£450 million) and new money requirements to support its transformation program from waste, to energy from waste *
I believe that clear strategies and organisational alignment are fundamental for long-term business viability.
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Andrew leads the Perth practice and is responsible for Corporate & Advisory services nationally.
Andrew is motivated to help companies succeed, having seen the personal and social impact when businesses fail.
“Andrew is possessed with a great combination of high technical expertise and concern for his clients. He is able to design creative solutions that take into account both accounting and the wider organisational context. He acts with a high level of integrity and his community work demonstrates the breadth and depth of his social conscience.”
Jeff Bell, Owner, ResultsWise
Andrew trained as a Chartered Accountant, and spent the first twenty years of his professional career working with leading accounting firms in corporate recovery, corporate finance and litigation support roles. After realising that too many companies were ending up in insolvency, with devastating effects for directors, shareholders and their families, Andrew decided there was a gap in the market for company-side assistance.
Andrew typically acts as a Strategic Advisor to the Boards and stakeholders of mid-market companies helping them navigate challenging situations and achieve positive outcomes. Andrew provides clear business direction to clients with real empathy, and understanding.
In an interesting parallel, Andrew was on the Board of St Bartholomew’s House from 2005 to 2014, and Chairman from 2007 to 2013. St Bart’s helps people turn their lives around, and reconnect with family, friends and colleagues. Whereas St Bart’s mission is to significantly reduce the rate of homelessness, Vantage Performance’s mission is to significantly reduce the rate of business failure.
Andrew typically works with mid-market companies on projects involving:
Corporate restructuring
Turnaround management
Work-out advisory services
Business transformation
Performance improvement
Solvency advice and working capital improvement
Stakeholder communication strategies
Distressed business and asset sales
Corporate advisory services, including board advisory
Corporate strategy and strategic planning
Corporate governance
Andrew is a regular public speaker for Australian Institute of Company Directors, Chartered Accountants Australia and New Zealand, CPA Australia, Governance Institute of Australia and Better Boards.
Qualifications
Graduate of the Company Directors’ Course
Registered Liquidator
Chartered Accountant
B Com (Hons), Commerce, University of Birmingham
Awards
AICD – PwC Director Award for Excellence in the Not-for-Profit Sector
Memberships
Chartered Accountants Australia and New Zealand
Australian Institute of Company Directors
Turnaround Management Association of Australia
Australian Restructuring Insolvency & Turnaround Association
Turnaround, restructure and work-out of this diversified group with bank facilities totalling $41.1M at an LVR of 86%. Improved focus on key business metrics led to all businesses operating at above break-even point within 12 months and repayment of $32.5M of bank debt through sale of non-core assets and refinance of core assets.
Work-out for a significant property developer with exposure to multiple financiers totalling $51.9M at an LVR of 98%. Identified and confirmed financiers’ competing objectives, and developed a work-out strategy involving debt reduction through property sale and restructuring of remaining facilities at lower interest rates for extended terms.
Hercules Crane Hire
Strategic review of a business experiencing decreased profitability, increased gearing and inability to service bank loans due to industry downturn. Developed and implemented an expedited sale program while keeping all financiers and creditors on side.
I add value to clients by helping to relieve financial pressures on the business, allowing them to concentrate on running their company.
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Kevin works out of the Brisbane office and is responsible for Strategy & Execution services nationally. He is motivated to help businesses to solve their critical challenges whilst preserving and enhancing the underlying business.
“Kevin is a totally dedicated and tireless champion. His efforts to see us achieve our goals were boundless. A total and consummate professional with great attention to detail, and completely candid and always tactful with his advice. Added to all that Kevin is a true gentleman and I have no hesitation in recommending him to anyone needing expert guidance and advice.”
CEO, Labor Hire business
Kevin, a CPA, brings more than 18 years of corporate restructuring experience to the firm. He has proven himself to be a proactive and successful Chief Restructuring Officer; having led start-up, turnaround and high growth organisations.
He has worked on a number of assignments across a range of industry sectors, both locally and nationally. Kevin’s advisory and restructuring experience includes independent business reviews, development and implementation of financial restructuring, recapitalisation and refinancing strategies.
Kevin’s passion for collaborating with clients to develop robust strategies and assist clients to stay on track during the implementation phase makes him well-qualified to lead Strategy & Execution services nationally.
Prior to joining Vantage Performance Kevin worked for two national corporate recovery firms, which included a secondment to Perth, where he played a key role in establishing the practice in Western Australia.
Kevin works with clients and acts in interim roles for companies on projects involving:
Profit and performance improvement
Working capital and cash flow management
Crisis management
Corporate turnaround and balance sheet restructuring
Business strategy and strategic execution plans
Business transformation
Continuous improvement
Corporate advisory and risk management
Debt raising and refinancing
Due diligence
Interim management.
Qualifications
Certified Practicing Accountant
Bachelor of Business, Accounting, Queensland University of Technology
Awards
TMA Turnaround of the Year 2010 and 2012
Memberships
CPA Australia
Turnaround Management Association
Australian Restructuring Insolvency and Turnaround Association (ARITA).
Award-winning restructure and business improvement of a fruit juice manufacturing business with annual turnover of $25M involving business strategy, profit improvement, working capital management and capital raising.
Construction Turnaround
Award-winning restructure and business improvement involving a strategic review, working capital management, financial restructuring and profit improvement of a construction company with an annual turnover of $20M.
Turnaround Manufacturing Division of Listed Company
Strategic and management review of a manufacturing plant with annual turnover of $120M.
