Voluntary Administration Process of a Gold Coast Business
Having a company that goes into voluntary administration can be very tough. When a company is insolvent, it means that it is unable to pay its debts, thus it has to go through liquidation. But, instead of proceeding to liquidation, the business owners can choose to go through voluntary administration. To do this, the company’s directors or its secured creditors hand over the company to an appointed individual known as a voluntary administrator.
This voluntary administrator or insolvency practitioner is to make inquiries, and decide on how to restructure the business. The court also has the power to appoint a voluntary administrator for an insolvent company. A voluntary administrator has the duty of investigating into a company’s affairs, so as to report to creditors and recommend to them whether the company should enter into a Deed of Company Arrangement, be liquidated, or returned to the directors.
Do you have questions about the duties of a voluntary administrator? Is your business insolvent? Are you unsure that you are making the right decision or you’re unsure of where to start? Then let us help you. With us as your legal representatives, we will provide you with the appropriate legal advice, and also make the voluntary administration process easy and stress-free for you.
Voluntary Administration Legal Services That We Provide
The voluntary administrator has to be an expert who can assess the business, inquire into its affairs and bring about a restructuring of the business. The administrator’s job includes looking into the affairs and finances of the business so as to decide on the best steps to take so that the business can survive.
Our lawyers are a qualified team who can help your business during this process of restructuring. Our voluntary administration services include:
Ensuring that the chosen administrator is a qualified and a registered liquidator
Giving appropriate legal advice while investigating the business affairs
Restructuring the business
Drafting formal debt agreements
Selling the business where necessary
Helping with the winding up process where needed
Whether the business ends up liquidated or not, the process of voluntary administration can be a distressing time for a business owner. So, as trusted Gold Coast lawyers who know the process of voluntary administration, we’re here to help make the journey smooth. We will do this by providing the right legal advice, and give you the required guidance and support.
Gold Coast Lawyers Providing Compassion, Care and Confidentiality
At Crest Lawyers, we are committed to helping you through your business challenges and financial distress. Our voluntary administration services are top quality and exceptional. We have expert lawyers who can also assist you with buying/selling a business, business structuring, commercial leasing, drafting of contracts and formal debt agreements, review and negotiations, loans, trademarks, disputes and more.
With care, compassion and confidentiality, we will assist you through the journey if your business must go through voluntary administration. If you need help with restructuring your business or with formal debt agreements and you’re not sure where to start, then look no further. Contact us now.