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The Safe Harbour rules give directors breathing space to turnaround their business without the fear of being pursued for an insolvent trading claim and to avoid prematurely placing their company into external administration. It encourages businesses to work through financial difficulties by putting in place a restructuring plan that is likely to lead to a better outcome than a formal insolvency appointment.
Generally, there are early warning signs that businesses experience that would trigger the need for Safe Harbour protections. These may include:
The Grant Thornton's restructuring advisory team can assist by:
We bring market-leading restructuring capability and expertise combined with a full service advisory firm with regional and global reach. Our team can provide advice on the practical considerations and legal requirements for Safe Harbour protection, as well as guide a company through the entire process of developing and implementing a restructuring plan.
Directors appointing an advisor to assist in developing a restructuring plan are responsible for ensuring that adviser is appropriately qualified. Considerations for an 'appropriately qualified entity' include:
Our restructuring advisory partners meet these requirements.
Our Safe Harbour advisory offering is tailored specifically to the needs of each business. We can:
We'll be in touch shortly.
In the meantime, if you have any questions, please don't hesitate to contact us via communications@au.gt.com.
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