Safe harbour advice for directors

• whether the criteria for Safe Harbour set out in the Corporations Act 2001 (Cth) have been met
• the steps required to obtain and maintain Safe Harbour protection

This advice will include some or all of the below.

• Assist you (if necessary) to select a suitable professional to develop a course of action likely to lead to a better outcome for the company than administration or liquidation (“Turnaround Plan”)
• Assist you (if necessary) to select an appropriately qualified advisor to assess the Turnaround Plan and work with that advisor to determine whether the plan will achieve a better outcome
• Advise as to whether the Turnaround Plan is consistent with the directors’ duties under the Corporations Act
• Work with your accountants and other professional advisors to monitor, and adjust as necessary, the Turnaround Plan to ensure Safe Harbour protection is maintained

• Work with your accountant to ascertain whether the company’s tax lodgements are up to date
• Work with your accountant to ascertain whether the companies employee entitlements are up to date
• Conduct a full review of the company’s employee entitlements (for example, assessing whether relevant industrial awards are being complied with)

• Provide independent advice to a holding company as to whether each director has the benefit of Safe Harbour protection
• Advise as to action required to establish the holding company has taken reasonable steps necessary to ensure each director has Safe Harbour protection

• Advise as to whether particular debts are being incurred in the ordinary course of business so as to meet the new COVID-19 criteria