A Voluntary Administrator can be appointed by:
- The directors of the company; or
- A secured creditor who holds security over the whole or substantially the whole of the company’s assets.
The appointment is effected by a simple appointment document which can be prepared quickly and executed immediately without any court or
ASIC approval.
The only pre-condition to the appointment of a Voluntary Administrator, is that the company must be insolvent or is likely to become insolvent. Directors who are concerned about the risk of trading on whilst their company is insolvent is the most common trigger for a voluntary administration appointment.
Call now on 1800 462 767 it’s a 24 hours /7 days a week hot line.
