Safe Harbour Legislation passed

Dear Members and friends of TMA,

I am delighted to inform you that the Safe Harbour laws have passed through both houses of Parliament and today are just awaiting royal assent. This is great news and represents a major reform for corporate turnaround in this country.

At the eleventh hour there were a number of amendments proposed, which were defeated in the Senate, after intense last minute lobbying by members of your Board.

Your TMA has played a significant role in shaping the direction of this reform, right up until the vote was passed late last night by the senate.

As you know the TMA believes the Bill strikes an appropriate balance between protecting creditors and providing the greatest range of options for saving a company, preserving value and allowing it to grow and thrive again. For this reason, the TMA did not support the proposed amendments.

One amendment, which requires a review of the legislation be undertaken in two years, was passed. The TMA supports this proposed amendment as it will provide an opportunity to further refine the laws for the benefit of better outcomes for all parties. This opportunity for continuous improvement is welcomed.

After a number of years lobbying for reform, the TMA is pleased to see this change passed today.
The TMA Australia has been preparing for this with the publication of the Best Practice Guidelines for members at our National Conference last week. We encourage you to revisit those guidelines in light of this exciting news.

With kind regards
Lachlan Edwards
TMA Australia President