Voluntary Administration and Liquidation
Do you need a specialist to help you through the Voluntary Administration or Liquidation process?
The topic of voluntary administration or liquidation can be a tough conversation to have. If you’re considering this for your business, then you’re going to need a trusted specialist to walk you through the process to ensure that it’s the right decision or if you have other options available to you.
What is Voluntary Administration?
If your business can no longer pay its debts or the company directors don’t see how bills may get paid going forward, then it’s likely it will go into voluntary administration.
A liquidator is appointed over the administration of the Company. During the process, owners and directors have the opportunity to provide an offer or plan for the company to continue. Creditors vote on any proposal and if approved the Company enters a Deed of Company Arrangement (effectively a payment plan). Should creditors not agree with a proposal the company is typically placed into liquidation.
The voluntary administration process is most suited to viable businesses with total liabilities exceeding $1 million..
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Do You Qualify For Small Business Restructuring
Find Out How We Helped A Business Reduce Its Debt by 75%
SBRS Restarts Another Business
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What is Liquidation?
When a company is already insolvent and there is no way to pay outstanding debts then liquidation is often the only solution.
To enter liquidation a government registered liquidator will be appointed to the Company.
Owners and directors are no longer involved in the management of the company or control of its assets.
The liquidator is charged with the responsibility of gaining the greatest return possible to creditors from the assets available. .
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