Safe Harbour submissions – TMA Australia

Treasury invited TMA Australia to make a submission in respect of its consultation paper on Safe Harbour (along with the Scheme of Arrangement submission previously provided to TMA members on 15 October).

We are pleased to say that we provided our submission just before the TMA Australia Conference. It has been a busy month!

The submission is publicly available here – https://turnaround.org.au/wp-content/uploads/2021/10/TMA-Australia-Safe-Harbour-Submission-to-Treasury-1.10.21.pdf

TMA members are actively leading Safe Harbour engagements.  In the short time we had to make a submission, we did not have time to survey all members for feedback on their own Safe Harbour experiences. Instead, we took references from around the Board, TMAAs sponsors and from some turnaround advisory firms listed in the submission.  We were able to put together [55] case examples inside a few days and to draw some meaningful conclusions from the dataset.  I think you will find our observations interesting.

Please have a read of the submission and attachments and let me know if you have any feedback. 

The core TMA team that has worked on the submission are as follows:

• Cameron Belyea, TMA Australia Director (Partner, Clayton Utz)
• Jason Preston, TMA Australia Director (Partner and Chair, McGrathNicol)
• Richard Hughes, TMA Australia Director (Partner, Deloitte)
• Maria O’Brien, TMA Australia President (Partner, Baker McKenzie)

With considerable assistance from Cayli Bloch (Clayton Utz) and Su Bin Cho (Baker McKenzie), also to each of the 19 contributors identified in the submission. The TMA sincerely thanks them all for their hard work.

Kind regards,

Maria O’Brien
TMA Australia President
Partner, Baker & McKenzie