Our People
Joe Hayes has over 25 years’ experience and has undertaken many complex restructuring and insolvency cases and complex litigations.
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SUMMARY
The Wexted Solvency Review is an independent, rapid but rigorous assessment of a company’s solvency position, designed to give directors clarity at a critical moment. It examines liquidity, near-term obligations, creditor pressures and the company’s short-term cash runway to determine whether the business is trading solvently, approaching insolvency, or already insolvent. Importantly, the review does not operate as a theoretical exercise. It is a practical, evidence-based assessment aligned with governance expectations, enabling directors to understand the company’s true financial position and to make informed, defensible decisions — including whether Safe Harbour should be pursued and what immediate stabilisation steps may be required.
BENEFITS
- Rapid clarity on whether the company is trading solvently, near insolvent, or insolvent
- Prioritised list of immediate liquidity gaps and covenant risks
- A factual basis for board decision-making and the Safe Harbour pathway
TYPICAL PROCESS
- Collate core financial documents: latest management accounts, bank statements, ATO statements, major contracts, facility agreements
- Reconcile cash balances, creditors and debt schedules
- Build a 13-week rolling cash forecast and stress scenarios
- Identify critical timing risks (payroll, tax, supplier triggers)
- Preliminary recommendation on immediate stabilisation steps
TYPICAL OUTPUTS
- Solvency Review report (concise executive summary + detailed analysis)
- 13-week cashflow model and sensitivity scenarios
- Recommended immediate actions
- Board briefing notes for meeting
Scope and Complexity
For a more standard company, the review may focus on a single trading entity with straightforward cashflows and limited external funding. For a significant or complex organisation — such as a multi-entity group, leveraged business or ASX-listed company — the review may expand to include multiple cashflow scenarios, covenant testing, intercompany exposures and detailed forecasting.
Other Safe Harbour Services
THE ELIGIBILITY REVIEW
A focused compliance assessment against the statutory preconditions for Safe Harbour protection set out in section 588GA(4) of the Corporations Act.
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THE CORPORATE STRUCTURING PLAN
A strategic review and redesign of a company’s operational and corporate structure to support financial stability, governance clarity and long-term recovery.
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THE BETTER OUTCOME TEST
A structured assessment to determine whether a course of action is reasonably likely to lead to a better outcome rather than immediate administration or liquidation.
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THE CONTINUITY TEST
A resilience assessment designed to confirm whether a company can maintain compliance, cash-flow stability and operational continuity following Safe Harbour.
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In the Beginning: The Genesis of the Safe Harbour Defence
As companies increasingly turn to the Safe Harbour provisions for rehabilitation of distressed entities — we revisit the enquiries, papers and public work that gave rise to the Safe Harbour we work with today.
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If you’d like to learn more about Safe Harbour or our Solvency Review service get in touch.
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