How to understand the Safe Harbour Laws to avoid insolvency and protect your personal assets With special guest with Wayne Wanders, A Real CFO

Small Biz Matters – #177 Providing the small business community with educational content and advocacy since 2014
with Alexi Boyd, broadcaster, advocate and small business owner.
Date: 22 September 2020

Intro:

There are some changes afoot. No, I’m not talking about Jobkeeper, cash flow stimulus or any other support package, rather a piece of legislation which has crept up on the small business community. But like all things legal - we need to be aware of it.

A Safe harbour “applies where a director, after beginning to suspect a company may become or be insolvent, starts developing one or more courses of action that are reasonably likely to lead to a better outcome for the company than the immediate appointment of an administrator or liquidator”. What does this mean for a small business, and what’s changed about the important dates particularly in the time of COVID?

Today we’re joined by Wayne Wanders, a virtual CFO who brings with him 35 years as a chartered accountant and decades of experience with real businesses at every stage of their lifecycle. He’s chatting to us about what these laws mean for you and your small business.

Welcome to the show Wayne.

Topics we’ll be covering:

• Why there is an increased risk of your business being placed into administration from late December 2020.
• What is the potential impact on your business and your personal assets if you do go into administration.
• What are the Safe Harbour laws and how can you use these to protect both your business and your personal assets.

To find out more go to their website: www.arealcfo.com.au

About our Guest:

Wayne Wanders, has been a fully qualified chartered accountant for 35 years including being the Chief Financial Officer (CFO) of two businesses listed on the Australian Stock Exchange.

For the last 20 years, Wayne, through his own small business, A Real CFO, has worked alongside many small and medium businesses.  He offers his talents, strengths, skills and experience as an outsourced CFO.  Letting small and medium business owners access the finance and business skills that big businesses take for granted, without the big business price tag.

Wayne has seen the ups and downs of many businesses.  Some of these have been through economy wide issues such as the GFC, or the recession we had to have in the early 1990s.  Others are just from the normal cycle many businesses experience.

This experience has led to Wayne developing his own strategies, systems and processes to help business.

One of these is Wayne’s Business Survival Guide which was developed to help business survive and thrive during down times, just like many businesses are facing today.