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What is the purpose of a Voluntary Administration?
The Corporations Act provides the legal framework for a company that is insolvent or likely to become insolvent, to obtain some breathing space to enable the directors to formulate a plan to reorganise the financial affairs of the company thereby avoiding liquidation.
The legislation requires the appointment of an independent and suitably qualified person to act as Voluntary Administrator and this results in full control of the company passing to the Administrator whilst he trys to work out a way to either save the company or its business.
If it is not possible for the Voluntary Administrator to save the business, the aim of the Act is that the companys affairs be administered in such a way as to ensure a better return to creditors than they would have recieved if the company had been placed straight into liquidation.
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