UNCERTAIN BUSINESSES ARE PROTECTED BY SAFE HARBOUR
THE current economic commentary could be the cause of heightened stress levels for a number of business owners here on the Gold Coast.
As we move into more uncertain times there are many business owners that will need to restructure and adapt to market conditions as they change.
In my years of experience, I feel confident that if directors experiencing financial difficulties act quickly enough during this period, they will be able to return to a growth and profit story.
In situations such as this, the Safe Harbour protection for directors demands our attention.
The very purpose of the new Safe Harbour legislation is to encourage directors to engage turnaround specialists and avoid appointing voluntary administrators.
This legislation is designed to keep directors secure in the knowledge they will be protected from insolvent trading should the plan not work, so long as they adhere to the Safe Harbour regime.
Without doubt we are experiencing a different approach to business distress, one which is promising for the business community.
Being at the forefront of this industry I am very happy to report we are witnessing a change in behaviour, attitude and direction from all stakeholders.
This is certainly reflected in our client outcomes, and we welcome business directors who believe they may be in danger of insolvency to look at our case studies.
When you factor in today’s swift pace of technology and disruption, plus the everyday business risks, it is logical directors need easy access to experienced practitioners of business turnaround and restructuring strategies.