more about restructuring
Our approach involves collaborating with clients to pinpoint the root causes of underperformance. We then take swift action to address immediate threats while involving key stakeholders in the process. Implementing practical solutions is our priority as we strive to restore and enhance value for our clients.
To achieve this, we concentrate on six key areas: structure, financial control, revenue generation, personnel management, stakeholder engagement, and operational efficiency.
By assessing and addressing these areas comprehensively, we aim to drive positive change and facilitate the success of our clients' businesses.
Often, when dealing with insolvency, actions are taken when it's already too late, limiting the available paths to take. However, with restructuring, the goal is to identify problems early and intervene in a timely manner. By doing so, plans and strategies can be implemented to turn around the fortunes of the business, maximise returns and align with key stakeholder expectations. The proposition of restructuring lies in getting involved at an early stage, before options become limited. This allows for a greater chance of success.
Our expertise offers support and guidance for your restructuring journey, ensuring you explore every avenue for success. With our assistance, you can be assured that you have a strategic, viable, and sustainable path ahead.
We collaborate closely with our clients, helping them optimise financial performance, streamline business structures, manage risks, and enhance governance practices. Our services encompass a wide range of crucial aspects, including conducting independent business reviews, efficient cash and working capital management, meticulous financial forecasting, and implementing interim management plans.
We don’t take a one size fits all strategy. Our specialists enhance business performance through commercial challenges with thorough investigation of all opportunities.
What are the seven Safe Harbour steps?
The 7 Safe Harbour Steps refer to a legal framework aimed at providing protection to directors from personal liability for insolvent trading under certain conditions. They include:
Getting professional advice: Directors should seek advice from qualified professionals, such as accountants, financial advisors, or turnaround specialists, to assess the company's financial situation and explore potential restructuring options.
Properly inform themselves: Directors must stay informed about the company's financial position, performance, and prospects regularly.
Develop a restructuring plan: Directors should develop a restructuring plan outlining the steps to improve the company's financial position and prospects.
Implement the restructuring plan: Directors should take decisive actions to implement the restructuring plan and monitor its progress closely.
Maintain proper financial records: Throughout the safe harbour period, directors must ensure that accurate and up-to-date financial records are kept to document the company's financial position and the progress of the restructuring efforts.
Pay employee entitlements: During the safe harbour period, the company should prioritise the payment of employee wages and entitlements.
Comply with tax reporting obligations: Directors must ensure that the company meets its tax reporting and payment obligations throughout the safe harbour period.