WHY CHOOSE US?
Our Safe Harbour Service
In any restructuring there is a risk of director personal liability as a result of insolvent trading claims. That can force directors to place their companies into voluntary administration prematurely. Safe Harbour strikes a better balance between the protection of creditors and encouraging honest directors to innovate and take reasonable risks. Our experienced Insolvency Practitioners have the expertise to guide you through the restructuring process to empower you to form a plan to save your business, without the worry of an insolvent trading claim.
Experienced Insolvency Practitioners
Unlike most other firms, our Practitioners have practical experience from an actual economic crisis
Fellow of Chartered Accountants Australia & New Zealand, Registered Liquidator (which qualifies him to be a Voluntary Administrator), Member Association Independent Insolvency Practitioners
John has more than 30 years specialist experience in corporate recovery, restructuring and reorganisation. He was a Partner of one of the Big4 Accounting firms, Ernst & Young in the Transaction Advisory Services Division for 24 years and Leader of the firm’s National Corporate Restructuring practice. John’s experience allows him to deliver optimum results for his clients. This has been best demonstrated by his key role in a number of complex corporate restructurings including Greyhound Racing NSW Pty Limited and New Cap Reinsurance Corporation Limited.
Chartered Accountant, Board Member of Association Independent Insolvency Practitioners, Member of Turnaround Management Association, Member Australian Restructuring Insolvency & Turnaround Association, Registered Liquidator (which qualifies him to be a Voluntary Administrator)
Cliff is a corporate restructuring specialist with over 30 years of experience in Australia and internationally. He is the founder and Chief Executive Officer of Restructuring Works. In the last 10 years he has been appointed to over 700 companies. He was a Partner of Ernst & Young for 10 years. His experience ranges from Voluntary Administrator to sale of business, due diligence and valuations. Cliff has been the lead adviser in some of the largest restructurings in the Asia Pacific region including twenty four listed companies with debts of over two billion dollars.
WHAT IS THE
Safe Harbour process?
Our Safe Harbour process is easy to initiate, we just need a Resolution by a majority of directors. We set it all out so all they need to do is sign on the dotted line.
The Safe Harbour process is quite flexible and can change depending on the complexity of the matter. The process unfolds over two stages.
Stage 1 – We work with you to form the restructuring plan. We expect this stage to take 1 -2 weeks.
Stage 2 – Monitoring the execution of the plan. This will depend on the nature of the plan but expect this stage to span several months.
WHAT IS THE
Cost of Safe Harbour?
The cost varies widely depending on whether the company continues to trade, the size of the organisation and the complexity of the proposed strategy.
The cost can be covered by the value of the company’s assets if they are being put to sale, or the company’s ongoing turnover if it continues to trade. We’ll be happy to make an estimate of our fees during your free consultation period.
Safe Harbour v Voluntary Administration
The simple difference is Safe Harbour is a much less drastic approach. The business can continue to trade under current directors, while the advisor simply assists with the formation of the plan. Under Safe Harbour there is no notice to the world that the company is being restructured – it is all behind-the-scenes. Under Voluntary Administration, control of the business is handed over to the Administrator and there is a chance creditors will cause the company to enter liquidation. VA is a public process and all creditors are notified and involved in the process. So if the circumstances call for a softer touch – Safe Harbour is the answer.
Speak to an Insolvency Practitioner today.
Simple steps with our insolvency experts
Book your consultation
We Call You
We have a preliminary confidential phone discussion. We’ll gather some information and discuss the basics of the process.
Meet our Insolvency Practitioners
Get A Pack
We provide our recommendations in writing with an engagement letter or formal appointment documents
Push the Button
You sign the forms when you are ready to proceed.
Our professional memberships
Association of Independent
AIIP Board Member in-house
Association of Independent
ARITA Members in-house