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:
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
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Liquidators
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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.
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.
1
Contact us today
2
We will strategise and devise a plan on a new venture for the business.
3
Our team will organise meetings of creditors and negotiate a Deed of Company Arrangement (DOCA) if appropriate.
4
We hand back the keys and the business trades on.
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 FAQs
We’ve helped many businesses undergo a successful restructure. We can do the same for you.
Security Company Case Study
An 85% reduction in debt gets company through a major trading and cash flow problem. An electronic security company in Brisbane with clients ranging from small boutiques to international mega-corporations within Australia was experiencing difficulty with their cash flow, so Mackay Goodwin stepped in to help.
Building Developer Case Study
This South Australian builder continues to trade, thanks to a DOCA, restructure and dispute resolution. When an Adelaide building development company found itself in a lengthy and protracted legal dispute over a costly project, it found itself unable to trade out of the heavy losses it had incurred as a result of the deal.
Earth Moving 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).
Meet 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.
Contact Us