Security Company Case Study
An 85% reduction in debt gets company through a major trading and cash flow problem Continue reading Security Company Case Study
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Voluntary Administration
Take a breather
Moratorium (pause) on company debts and court proceedings.
Clear guidance
Expert advice to avoid insolvent trading and temporary relief of director roles and responsibilities.
Turnaround the future
Explore your opportunities, improving the financial status of the company back to profitability.
About your recovery partner
Accountants Daily
Finalists, Fastest
Growing Firm
AFR Top lOO
Accounting Firms
CA and CPA
Qualified
Accountants
National Team
ASIC Registered
Liquidators
ARITA
Professional
Members
"My experience with Domenic Calabretta and the team at Mackay Goodwin was exceptional. They came out to see me the very next day, assessed my business and explained my options. During the administration they were always contactable and transparent."
- Anthony Berg
What is Voluntary Administration?
Gives you the breathing space to reassess the future. Entering voluntary administration allows you the opportunity to strategize with insolvency experts to create a new pathway for the business.
During this time, our expert administrators will begin investigations and preparing reports for creditors with a detailed understanding of the company’s financial affairs. At the second creditors meeting, usually 25-30 business days of appointment, the future of the company will be voted on by creditors. The company will either be wound up, enter a Deed of Company Arrangement (DOCA) or the company is returned to the control of its directors.
How Voluntary Administration Can Stabilise Your Business
Company voluntary administration is a vital tool for companies in distress, providing legal protection from creditors while you focus on restructuring efforts. This process is not just about managing debts – it's about rediscovering your business's potential to thrive in competitive markets.
The benefits of entering Voluntary Administration
Take a breather
Moratorium (pause) on company debts and court proceedings.
Clear guidance
Expert advice to avoid insolvent trading and temporary relief of director roles and responsibilities.
Turnaround the future
Explore your opportunities, improving the financial status of the company back to profitability.
Why enter Voluntary Administration?
Voluntary Administration is a process designed to hit pause when the business is experiencing financial hurdles. Our independent and experienced insolvency experts identify pathways in determining the future of the company.
In the midst of analysing the current issues, our people provide assurance to creditors with expert reviews and reports of maximising their return.
As there are no guarantees in business, voluntary administration offers the opportunity to restructure, turnaround and pivot out of difficult times.
Facilitating decisions that set foundations in key moments, the moments that matter.
Process of Voluntary Administration
Allows directors to address pathways on the current financial issues you’re facing. And, where viable bring the company to a healthy state. Here’s how we do that:
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Deed of Company Arrangement (DOCA)
Providing certainty during uncertain times.
A DOCA is a binding agreement between the company and its creditors to resolve ongoing financial issues.
Voluntary Administration: Why We Stand Out
Turn around your business’s financial health through a structured and strategic voluntary company administration process. We are dedicated to managing your immediate economic challenges and setting your business on a long-term path to success.
When the business is facing financial distress and unable to repay creditors, entering into administration or liquidation can be appropriate pathways. If the business is still viable, and has potential to get back on the front foot, entering into administration is a more suitable option. However, when it comes time to close the doors as there is no other alternative, liquidation is the best method to undergo.
As a director, their roles and responsibilities do not pause due to the company being in administration. A director’s role includes:
- Assisting the administrator by providing financial records, information, processes and key personnel.
- Relinquishing control to the administrator.
- Attending creditor’s meetings.
Once an administrator is appointed, the administration process takes typically between 20-30 business days.
A DOCA, also known as a Deed of Company Arrangement, is an agreement between the company and it’s creditors to relieve the company debts. The agreement binds all creditors, with terms and conditions of repayments ensuring they are appropriate to the company’s financial status. A DOCA provides the company with the opportunity to continue to trade, provide return for creditors as well as making ongoing contributions.
We’ve helped many businesses undergo a successful restructure. We can do the same for you.
Building Developer Case Study
This South Australian builder continues to trade, thanks to a DOCA, restructure and dispute resolution Continue reading Building Developer Case Study
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Earthmoving Company Case Study
75% reduction in tax debt gets this earthmoving company moving again By the time a Melbourne-based earthmoving company contacted Mackay Goodwin over reducing their accrued debt, they had built up a $280,000 backlog with the Australian Taxation Office (ATO). Continue reading Earthmoving Company Case Study
Read MoreMeet the people in your team.
At Mackay Goodwin, we have a nationwide team ready to assist you. Our team of qualified professionals, including ASIC registered liquidators are experts at finding solutions for people facing financial difficulties. Located across all major Australian cities, we’re ready to help you in any situation.
Edwin Narayan
Director & ASIC Registered LiquidatorSydneyEdwin is a valuable member of the senior Mackay Goodwin team, with a huge amount of expertise and experience in running a range of different Deed of Company Arrangement proposals, for Administrations across a diverse range of industry sectors, and in all states across Australia.
Get in touch
Speak to one of our experts now for a free consultation. Enter your details below or call 02 8001 6520.