Voluntary Administration provides you with the opportunity to come to an arrangement with your creditors and keep your company.
If your company has debts that it cannot pay within trading terms – but you believe with some help, the company can prosper then a Voluntary Administration may be the solution for you.
Even if you have already received a Notice of Winding Up a Voluntary Administration is still available to you. With the right help you can still keep your company and prosper.
A liquidator may close down a company, sell the assets and pay a dividend if any to the creditors of the company. We work with the directors before the liquidator is appointed and we look after you the director and the shareholder. Where possible we look to work with you and help you save your business.
SO IF YOU ARE:
- Getting conflicting advice?
- Don’t know what to do?
- Can’t pay company bills on time?
- Getting hassled by suppliers for payment?
- Concerned you are trading insolvent?
- Unable to pay your accountant?
- Really worried and want to do the right thing?
- Getting expensive quotes from Liquidators?
- Have been referred to an expensive Liquidator?
- Concerned that the advisors you are talking to are not independent
- Want to liquidate for the cheapest price?
- ATO are chasing you?
- On payment plans with your creditors?
- Pressure is building & you want the situation sorted?
- Lawyers are sending you demanding letters?
- Received a Notice of Winding Up?
- Or just want all creditors to STOP so you can get on with business.
WE WILL HELP YOU RIGHT THROUGH THE PROCESS.
No matter how big or small your company, Maximise Capital will find a solution to assist you and the company continuing its business.
Want to know a little more?
Here’s some information to assist you with understanding a Voluntary Administration.
The goal of a Voluntary Administration or VA as it is often referred to, is to achieve a better outcome for the company, its creditors and shareholders than would occur if the company entered directly into liquidation.
A Voluntary Administration provides the time, protection and flexibility for the restructure. It also provides directors with protection from personally guaranteed debts during the period of the Voluntary Administration.
During the Voluntary Administration process, there is a moratorium period of approximately 5-6 weeks in which creditors, subject to a number of exceptions, are prohibited from taking any action against the company to recover debts, enforce charges or have the company wound up without the consent of either the Administrator or the Court.
The Administrator will convene two meetings of creditors during the administration:
- Held within 8 business days of the Administrator’s appointment at which creditors may vote to replace the Administrator and/or appoint a Committee of Inspection
- Held within 25 or 30 business days after the Administrator’s appointment at which creditors may vote to decide the Company’s future.
The Administrator’s role is to take control of the affairs of the business, investigate the financial affairs of the company, report the findings and recommend to creditors one of the following three courses of action:
- That the administration cease (and control of the company be returned to the directors);
- That the company enter into a Deed of Company Arrangement; or
- That the company be wound up as it is insolvent.
Our qualified staff use their extensive knowledge and experience of business and the Voluntary Administration process to ensure you get the solution that is right for you. You are provided with the tools and resources to give the business the best opportunity to survive.