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Voluntary Administration is designed to resolve a company’s trading future quickly and fairly. 

 

We provide some snapshots of solutions below - ways to help you see the possibilities. 

 

A voluntary administrator is an independent party that is usually appointed

by a company’s directors if they suspect that the company is insolvent or

at risk of insolvency.

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Whilst the administrator takes full control of the company often the existing management continue to handle the day to day running of the business whilst a solution is facilitated by the Administrator.

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Freeing Businesses from Accumulated Creditors

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It is possible for some businesses to be separated fairly from their accumulated debts and creditors quickly. In this way they continue trading without continuing to be  "under external administration".

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Quick Formal Compromise of Debts

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This can involve quickly reaching a binding settlement which all creditors must accept.This settlement is known as a Deed of Company Arrangement. 

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In these situations the Administrator needs to utilise legal, technical and commercial skills to formulate a strategy to save the business. 

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If it isn’t possible to preserve the business, the aim becomes to administer the affairs of the company in a way that results in a better return for stakeholders than if the company had been liquidated. 

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What to do Next

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Give us a call on (03) 9896 9000