Harbour Masters - safe harbour & restructuring blog

Welcome to Harbour Masters, where we offer insights and updates on the expertise and guidance available for the Directors of companies in need of advice in the face of stiff trade winds. Our updates focus on the critical business topics of restructuring, turnaround, and the availability of the new 'Safe Harbour' provisions, all designed to help companies renew, restructure, and rebuild. 

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Key Steps of the Safe Harbour process

13-Sep-2017 14:20:00 / by Stefan Dopking

Directors who take up safe harbour will need to ensure that appropriate steps have been taken for the company to comply with its obligations. Here is a potential framework that could be used to document, implement and monitor the safe harbour process:

Phase 1 - Assess the company’s ability to enter safe harbour

  1. Confirm the company meets the prerequisites for safe harbour
  2. Document the engagement of a qualified turnaround specialist or team
  3. Prepare a security statement for the company
  4. Document the decision to enter safe harbour, the reasons this course of action is suitable for the company, and obtain board approval

Phase 2 - Turnaround plan

  1. Develop the turnaround plan and strategic plan
  2. Prepare work plans i.e. monthly or quarterly
  3. Prepare a 13-week cash flow with integrated balance sheet

Phase 3 - Implement and monitor

  1. Hold regular, minuted management meetings documenting the safe harbour process
  2. Prepare monthly board packs which would include updated financials, forecasts, updated work plans and stakeholder updates

Phase 4 - Exit safe harbour

  1. Conduct a thorough solvency review
  2. Document the decision to leave safe harbour

Topics: Safe Harbour, Process

Stefan Dopking

Written by Stefan Dopking

Stefan has over 30 years’ experience in corporate recovery and insolvency including valuable insights as a Senior Executive at the Australian Securities and Investments Commission (“ASIC”), where he was responsible for the organisation’s national insolvency and audit teams. With a focus on corporate receiverships, business reviews and financial health assessments for directors and lenders, Stefan is known for mediating outcomes in difficult appointments.