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Abigail Cheadle

Email: abi@mcorpadvisory.com.au

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Who can be your Safe Harbour consultant?

18 April 2022
Written by Abigail Cheadle
Read Time 1 mins reading time

The legislation says regard may be had as to whether a director is obtaining advice from an appropriately qualified entity who was given sufficient information to give appropriate advice.

The legislation doesn’t set criteria per say. However, the explanatory memorandum does provide some guidance to consider:

1. The consultant should be experienced in the nature, size,complexity and financial position of the business to be restructured;

2. The adviser’s independence, professional qualifications, good standing and membership of appropriate professional bodies (or in the case of an advising entity, those of its people);

3. The adviser’s experience; and

4. Whether the adviser has adequate levels of professional indemnity insurance to cover the advice being given.

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Who can be your Safe Harbour consultant?

18 April 2022
Written by Abigail Cheadle

The legislation says regard may be had as to whether a director is obtaining advice from an appropriately qualified entity who was given sufficient information to give appropriate advice.

The legislation doesn’t set criteria per say. However, the explanatory memorandum does provide some guidance to consider:

1. The consultant should be experienced in the nature, size,complexity and financial position of the business to be restructured;

2. The adviser’s independence, professional qualifications, good standing and membership of appropriate professional bodies (or in the case of an advising entity, those of its people);

3. The adviser’s experience; and

4. Whether the adviser has adequate levels of professional indemnity insurance to cover the advice being given.