The specialists at Insolvency Services Australia pride themselves on being experts in personal debt and corporate insolvency solutions, including voluntary administration, liquidation and receivership.
Voluntary administration is an option for businesses that are insolvent, or likely to become insolvent, and would like to restructure or settle their debts while continuing to trade. Voluntary administration allows the director of a company to put forward a proposal to the creditors to negotiate the debt and potentially settle it for less than the original amount.
In a voluntary administration, a licensed insolvency practitioner acts as the appointed administrator and helps manage the company while a plan for its future is created. The company’s creditors then have the option of either accepting the director’s proposal to settle debts, voting the company into liquidation, or voting to have control of the company returned to the company directors.
A successful voluntary administration will result in the company being able to avoid having its assets sold off or being liquidated altogether.
Insolvency Services Australia can provide individuals and companies with information about all aspects of voluntary administration, 24 hours a day and 7 days a week, at 1800 003 883.