voluntary administration

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As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – in the United Kingdom colloquially called being "under administration" – is an alternative to liquidation or may be a precursor to it. Administration is commenced by an administration order.
A company in administrative receivership is operated by an administrator (as interim chief executive with custodial responsibility for the company's assets and obligations) on behalf of its creditors. The administrator may recapitalize the business, sell the business to new owners, or demerge it into elements that can be sold and close the remainder.
Most countries distinguish between voluntary (board-decided) and involuntary (court-decided) receivership. In voluntary administrative receivership, the administrator is appointed by the company directors. In involuntary administrative receivership, the administrator is appointed by a judicial court. The legal terms for these processes vary from country to country, and the processes may overlap.

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    NSW Can We Report to ASIC?

    Hi there, I was a shareholder and creditor in a company that went into voluntary administration. The entire VA process smells of a phoenix deal. The directors bought back the company for a steal wiping out all shareholders and creditors after putting forward a DOCA. A majority of creditors...
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    NSW Parent Company in Voluntary Administration

    Hi All, Our parent company has gone into Voluntary Administration. As the CEO of a subsidiary, who do I now report to? Is it to the board of directors of our parent company? Or directly to the appointed administrators? I have not received communication regarding this from either group. What...
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    VIC Company in Voluntary Administration - What are My Rights?

    Hi, I am in a bit of dilemma with regards to my current situation with my agency who has assigned me to perform contractual work with a client. I am engaged as a contractor with the agency, and they have assigned me to a client with whom I have been working with for the last 2 years. I have...
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    WA Company Under Liquidation and Resignation - Will I Lose My Employee Benefits?

    Hello , The company I was working was put into Voluntary administration and now the Administrator has decided to go through liquidation. Even after they have decided to liquidate the company, they are not giving me my termination letter so that I don't get a job in a new company to which the...
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    QLD Insolvency and Voluntary Administration - Are Parent Companies Liable to Pay Creditors?

    I just wanted to know if a shell subsidiary company knowingly traded insolvent then went into voluntary administration, would the parent companies be required to pay out all creditors? Any help would be much appreciated.
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    NSW Director Penalty Notice - Company not put in Voluntary Administration

    Last year, the ATO served me with a Director Penalty Notice (DPN) for non-payment of company tax liability (tax debt). The notice given was 21 days. Unfortunately, I couldn’t put the company into voluntary administration before the expiry of 21 days.
  7. John Monte

    QLD Statutory Demand - How to Dispute and Set Aside?

    Hi Recently I missed a QCAT civil hearing regarding a vexatious demand to remedy a defect under warranty, however denies my company access to review subsequently issuing a QCAT claim. The court ordered my company pay back the original purchase price dated back to 2012. The client subsequently...
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    Voluntary Administration - How to Respond to Claim Served By Creditor?

    Hi. I am one of 2 company directors which have a claimed served against us from one of our creditors. We have undergone voluntary administration (insolvency option) through BDO two weeks ago. The amount is for $9115.00 + indemnity costs + interest. The date served was 12/08/2014. I am 60 years...
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    VIC Voluntary Administration - Majority Shareholder Creditor vs Other Company Directors

    One of my company is currently under voluntary administration due to conflicts with other company directors (>1) and I am the absolute majority shareholders. The interesting part is that the main debt (highest proportion ) of the company actually come from another entity which I hold. After...