Australia’s Star Entertainment Group confirmed Wednesday that ongoing discussions related to its troubled liquidity position have included considerations around the application of provisions in the Corporations Act 2001 (Cth), specifically the safe harbour provisions.
Those provisions are designed to allow directors of a company to pursue restructuring rather than placing it into administration by offering protections against personal debt liability should the restructure ultimately fail.
As reported by Inside Asian Gaming, Star is said to be on the verge of collapse following a second finding of unsuitability in NSW, home of The Star Sydney, and has asked governments in both NSW and Queensland for tax relief.
