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, Federal Government introduced legislative reform, providing protection from insolvent trading to company directors who pursue their turnaround efforts under the umbrella of “safe harbour”.
The safe harbour is a turnaround tool, its purpose being to encourage entrepreneurship and provide breathing space and peace of mind to directors who are focused on improving the company’s financial position in times of financial distress.
The legislation expressly encourages directors to engage a business turnaround expert. The role of the expert is to assist the company to develop and implement appropriate turnaround initiatives. The expert will give directors greater confidence in their plans, and assist directors with financial forecasting to bring greater visibility and certainty around the likely outcome.
Vantage Performance is a leading expert in this field. Provided below are 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 provisions, click here to download the Safe Harbour Brochure – Vantage Performance.
Safe Harbour Articles
April 2022 – The Vantage View, Government’s Review of the Insolvent Trading Safe Harbour
October 2021 – Vantage makes submission to government on its review of safe harbour
November 2020 – Access Safe Harbour now to protect you and your business
June 2020 – The Importance of Safe Harbour Ahead of September 2020
March 2020 – COVID-19 Insolvent Trading Relief
March 2020 – Creditor-Defeating Dispositions
June 2019 – What Safe Harbour Legislation Means for a Struggling Business
October 2018 – Employee Entitlements & Safe Harbour Eligibility
June 2016 – Safe Harbour for Companies in the Twilight Zone
Safe Harbour Podcasts and Videos
About Safe Harbour – https://youtu.be/lCX2MnW8jt4
Safe Harbour Deadline* – https://youtu.be/flMEvqmk0K8
*The Temporary Covid Safe Harbour protection is ending on 31 December, 2020
September 2017 – The New Safe Harbour Laws
June 2017 – Safe Harbour Law Will Save More Aussie Businesses
Other Resources
Macaire Bromley, Executive Director, has authored a comprehensive guide on “Safe harbour: a best practice guide for directors”, in partnership with Practical Law Insolvency and Restructuring. This guide is for subscribers which will include most law firms and can be accessed here: Safe harbour: a best practice guide for directors | Practical Law (thomsonreuters.com)
