Who is a qualified advisor?

Who is an appropriately qualified advisor?

By Giles Woodgate

Woodgate & Co. Turnaround and Safe Harbour Advisors.

The term used in the Corporations Act is “appropriately qualified entity”. But there is no definition to help identify such a person. 

We think that an appropriately qualified person to advise on Safe Harbour will have the following credentials: 

  • Have a tertiary education degree.
  • Be a member of an appropriate industry association such as the TMA or ARITA.
  • Has years of commercial experience.
  • Has years of insolvency experience which is demonstrated as a registered liquidator.
  • Has sufficient resources at hand and time available to properly analyse, advise and monitor.
  • Is reputable.
  • Has a properly functioning office.
  • Is covered by professional indemnity insurance.