What is the effect of the appointment of a Voluntary Administrator?
The effect of the appointment of a Voluntary Administrator is to provide a company with some breathing space while its directors, in consultation with the Administrator, to formulate a plan to resturcte the financial affairs of the company, if possible.
While the company is in administration;
- a creditor holding a personal guarantee from a director cannot act on the guarantee without court approval
- a court application to wind up the company cannot be commenced
- owners of property used or occupied by the company can't recover their property
- creditors can't continue to enforce claims against the company without the administrators or court approval
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