What You Need Know About Safe Harbour Provisions

Are you finding yourself starting to worry about the bills your business has due at the end of the month? Or have you recently lost income or clients, leaving you with uncertainty about whether or not you can stay in business?
 
If this sounds familiar, then it’s important to take your head out of the sand and seek advice. Safe Harbour could be an option for your business. So what is Safe Harbour?
 
The law allows for a Safe Harbour process by which a director can turn around their business’s finances to avoid insolvency and liquidation.

By going into Safe Harbour, directors can also avoid being personally liable for company debts.

Imagine a business which supplies cakes. If a large bakery franchise chain this business supplies goes out of business, it could lead to a lot of financial uncertainty, especially if the business had just invested in some new equipment. Even though the business is still solvent, the directors would need to address things promptly to avoid insolvency in the future.

By contacting Insolve, the directors can speak with one of the high qualified insolvency experts on the panel, who can help them put Safe Harbour protections in place to get through the uncertain period and get back on track.

Safe Harbour isn’t available to everybody and comes with requirements. Directors need to show that they’ve kept up with payroll, tax and super, and also made genuine attempts to keep the business going.

If you’re experiencing any uneasiness with the finances of your business, contact Insolve today to tame the beast, and discover if Safe Harbour is an option for you.

DISCLAIMER: All content published on this site constitutes general information only and does not take into consideration your personal circumstances. We have used best endeavours to make it as accurate as possible at the time of publication, but be aware information can change rapidly. You should speak to one of our panel members to understand how this information might relate to you.

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Insolserve Pty Ltd, PO Box 2, Grange, QLD 4051 ABN 97 623 054 679

Privacy Policy | Terms & Conditions

DISCLAIMER: All content published on this site constitutes general information only and does not take into consideration your personal circumstances. We have used best endeavours to make it as accurate as possible at the time of publication, but be aware information can change rapidly. You should speak to one of our panel members to understand how this information might relate to you.

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Insolserve Pty Ltd, PO Box 2, Grange, QLD 4051 ABN 97 623 054 679

Privacy Policy | Terms & Conditions

DISCLAIMER: All content published on this site constitutes general information only and does not take into consideration your personal circumstances. We have used best endeavours to make it as accurate as possible at the time of publication, but be aware information can change rapidly. You should speak to one of our panel members to understand how this information might relate to you.

James Flaherty

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