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.