A Deed of Company Arrangement (“DOCA”) can be the perfect instrument to facilitate a commercial settlement between parties where there are no other viable options available, as demonstrated by the recent matter of Brightwater Engineering Solutions Pty Limited (“the Company”).
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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There is no restriction on a creditor to start recovery action against the company and director (if a personal guarantee was provided). This might include applying for the winding up of the company during safe harbour. As part of the restructure plan, the company shall be required to manage creditor claims to avoid such recovery actions.