SV Strategic Solutions – Safe Harbour
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Safe Harbour Overview
As directors, you may have heard whispers about the new ‘Safe Harbour’ protection that is currently being reviewed in parliament – see our view below of the currently proposed legislation and what it means for company directors:
What is it?
- Carve out of existing insolvent trading legislation allowing directors to continue to trade a company that may be insolvent for the purposes of achieving a better outcome for the company and creditors than a formal appointment (e.g. Voluntary Administration) would achieve. Read More Here
Who’s it for?
- Registered Company directors (non-executive directors & shadow directors), and ultimately their company and their creditors
What’s it for?
- To encourage and protect directors who seek professional advice to develop and action a plan that is likely to lead to a better outcome for the Company and its creditors than would be achieved by formally appointing and insolvency practitioner
When does it start?
- As soon as the currently proposed legislation amendments are approved
How Do I Know If I Need It?
- If you suspect the company could be, or may become, insolvent for any period of time
- If you have critical customer or supply contracts that could be terminated if a formal insolvency appointment occurred
- Seek input early and let an experienced, independent advisor help you answer these questions
Why Use SV Strategic Solutions?
- For your protection – if you get this process right but the company’s restructure fails you will be protected from insolvent trading
- The experience and expertise of our teams in determining and providing the action plans required to achieve the best outcome
- Our qualification to advise (including PI insurance, professional training and knowledge of required processes and procedures) Our People
For further Safe Harbour advice or if you require one of our expert management consultants visit our Contact Us page
Article written by Sheree Cross