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.
