Voluntary Administration

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Voluntary Administration

Where the objective is to find the best possible outcome

Voluntary administration

The VA process involves the appointment of an administrator usually by the directors of the entity.

This is usually an alternative to liquidation and involves an independent administrator taking control of the company’s business operations.

There is a first meeting of creditors within 10 business days.

With the assistance of the administrator, the director (or another party) can propose a Deed of Company Arrangement as an alternative to liquidation.

The DOCA is very flexible and can provide for:-

Continuation of the company’s business by the director or the administrator;

  • Sale of the business;
  • Compromise of key claims;
  • Compromise of insolvent trading claims.

The DOCA is considered at the second meeting of creditors at which creditors can also resolve that the company be wound up (i.e. place in liquidation).

Capabilities

Insolvency is a highly specialised area of accounting and, practically, is close to a hybrid profession between commercial law and management consulting. The truth is that there is very little “number crunching” in insolvency work and lots of investigative research and asset recovery work.

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Case Studies

Our client was a secured creditor to a solar panel retailer and installer operating in 3 States. Whilst our client had a nominee Director sitting on the Board of the Company, the information available was late, inaccurate and focussed on the wrong metrics.

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Any more questions?
Feel free to contact us on +03 9670 0080

We know that bad news never gets better with time. The simple truth is that businesses fail and then they die. That means that in each and every case, there’s a window of time when the damage can be minimised. That’s why it’s important to act early – but that doesn’t mean rushing in blindly.

Our Details

BPS Reconstruction | Insolvency & Recovery Specialists | Level 5, 350 Collins Street MELBOURNE VIC 3000
Phone: 03 9670 0080 | Fax: 03 9670 0080 | Email: info@bpsreconstruction.com.au
GST-Number: 56473643

Located in  Melbourne, the firm of BPS Reconstruction represents clients throughout Australia, including, but not limited to the cities of …..

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