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Voluntary Administration

Voluntary Administration is the process where the control of an insolvent company is given to an external, independent Administrator. This provides the company director breathing space from creditors to assess the options available and formulate the best outcome for the business and its creditors.

In order for the company to survive, the directors (or anyone who wishes) must propose a Deed of Company Arrangement (DOCA) for creditors to consider. A DOCA proposal provides creditors with the best return the company can reasonably afford, generally less than the full amount of the debts. The Administrator will report on the expected outcome (ie. cents/$ return) for creditors under the DOCA proposal and liquidation and provide an opinion as to which option is in creditors’ best interests.

Generally, Voluntary Administration provides a better return for all parties involved than going straight into Company Liquidation.

We help hundreds of business owners and company directors every year rescue their business through Voluntary Administration.

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The Voluntary Administration Process

The main objective of a Voluntary Administration is to give a business the time it needs to restructure its affairs without the pressure of creditors seeking repayment or entering into a DOCA.

The Voluntary Administration process best suits companies looking to continue trading while undertaking a formal restructure. This would include a compromise with its creditors before declaring bankruptcy.

This will give the company the best chance of survival. It may also save its directors from having to wind up the business and possibly declare bankruptcy.

At the end of the Voluntary Administration process, creditors vote to either:

  • Approve a DOCA,
  • End the Voluntary Administration and return the company back to the director/s control, or
  • Wind up the company and appoint a liquidator.

“Thank you for your great service. I liked how you made it simple and easy for me. Were always friendly and answered me back with all my questions. I’m a very happy person. Thank you.” - Jason

Regain control

Benefits of Voluntary Administration

There are a number of benefits to using the Voluntary Administration process for your business. These include:

  • Prevents further legal action by unsecured creditors such as the ATO, to allow your company to consider its options,
  • Gives your company the opportunity to reduce expenses to a manageable level so its business can survive,
  • Provides a way to negotiate a compromise between your company and its unsecured creditors by way of a DOCA which, if successful, binds all creditors to the agreement,
  • Reduces stress and pressure on the directors while the Voluntary Administrator trades the business and helps them make decisions about the company’s future,
  • Avoids liquidation and the risk of legal action against directors and other parties that comes with it, and
  • Allows an independent professional to review the company’s business and financial position and give creditors a detailed report on the company so they can make decisions about whether to continue supporting the company.

Our team of professionals can help restructure your business’ debts and turnaround your company, avoiding liquidation.

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Our Articles

For more information on Voluntary Administration, view our archive of related articles below.

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