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Corporate Strategic and Insolvency Services
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The voluntary administration regime is designed to create an administration which maximises the chances of a business, or part of a business, continuing in operation, or results in creditors receiving a better return than would result from an immediate liquidation. It is generally initiated by the board of directors and offers a flexible range of outcomes for the compant and creditors alike. |
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Corporate Strategic and Insolvency Services
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Liquidation is the process whereby the assets of a corporation are realised in an orderly manner and the proceeds distributed among creditors of the company in satisfaction of their claims against the company. Any surplus funds are returned to members. On finalisation of the liquidation process, the company is deregistered and consequently ceases to exist.
The Corporations Act 2001 distinguishes between two types of liquidation:-
1. Official (Court) liquidation
2. Voluntary liquidation
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Corporate Strategic and Insolvency Services
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Generally, a controller will be appointed by a secured creditor under the provisions of a charge or mortgage and can include Receivers, Receivers and Managers or Agents for the Mortgagee. |
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Personal Bankruptcy Services
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Part X of the Bankruptcy Act provides a process by which a debtor may make a proposal to their creditors which they consider and vote upon at a formal meeting. It is an alternative to bankruptcy. Once accepted, the proposal is binding on the debtor and all creditors in respect of their unsecured provable debts. It enables the debtor and creditors to come to a mutually agreed compromise in a relatively simple way without reference to the court. |
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