Voluntary administration

Some common questions about Voluntary Administration:

This is a legally binding agreement between a company and its creditors which sets out how the company’s assets and affairs will be dealt with. An appointed deed administrator identifies how and when creditors are to be repaid. For example, the deed administrator will identify any property that is available to repay creditors and the way in which the proceeds of the sale of this property will be distributed. A DOCA may release the company from certain debts. The overall aim is to allow the company to continue trading, which may ultimately provide a better return for creditors than would winding up the company.

Usually the external administrator charges an hourly rate and is paid from the assets of the company.

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