Safe Harbour Protection Framework

What is Safe Harbour?

Under corporate governance legislation, directors can be held personally liable if a company trades while insolvent. However, the Safe Harbour provisions allow directors to develop a course of action that is reasonably likely to lead to a better outcome for the company and its creditors than immediate administration or liquidation.

Key Criteria Required for Protection

• Developing a documented, viable turnaround or restructuring plan.
• Ensuring employee entitlements (superannuation, wages) are up to date.
• Maintaining appropriate corporate books, records, and financial reporting.
• Engaging appropriately qualified advisors (such as Apex Advisory) to guide the process.