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Voluntary Administration

Voluntary Administration

Please contact Dye & Co. Pty Ltd to discuss the voluntary administration process and whether this is the best option for your company’s financial situation.

The appointment of voluntary administrators to your company immediately provides you with some breathing space from your debts and ongoing obligations so that the company’s financial situation may be fully assessed. During this moratorium period the voluntary administrators can undertake any tasks necessary to maximise the business potential and ultimately the return to all stakeholders of the company.

Voluntary administration is designed so that a company maintains the greatest chance possible of continuing to exist. Usually the company will come to an arrangement with creditors to pay debts, in the form of a proposed Deed of Company Arrangement. This is a cooperative approach whereby creditors agree to the arrangement rather than enforcing debt claims.

Deeds

In any scenario the creditors of the company determine its future. Should creditors fail to accept a proposal for a Deed of Company Arrangement the remaining options are for the administration to end handing the company back to its directors or it will be placed into liquidation.

Creditors Voluntary Liquidation

With over 100 years combined experience our insolvency practitioners can provide you with sound advice and swift solutions. At Dye & Co. Pty Ltd our directors work directly on every matter, and you will have that one person as your point of contact the whole way through.

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What is the effect on creditors and on the company?

Secured creditors are able to exercise their security for up to 13 days after a company enters voluntary administration. After that period there is moratorium for the duration of the administration.

Unsecured creditors cannot enforce any claims during the period of voluntary administration.

In addition during the period of the voluntary administration the company is afforded protection from finance company and landlords which can assist with ongoing trading requirements.

The company must make public its status as: Administrator Appointed during the period of voluntary administration.