Voluntary Administration
REACHING A BETTER SOLUTION FOR ALL PARTIES
Under Voluntary Administration — a business continues to trade, while the administrator seeks to find the best possible solution.
The objective of Voluntary Administration is to maximise the chance of an insolvent company’s continuation, or where the business cannot continue, to ensure a better return to stakeholders than immediate liquidation. Wexted is extensively experienced to act as an independent administrator.
WHAT ARE THE KEY ADVANTAGES OF VOLUNTARY ADMINISTRATION?
- A framework to provide a company with an immediate moratorium against legal action
- Landlord/lessors restricted from taking possession of property/leased equipment
- An opportunity for a restructuring plan to be proposed and considered to maximise the return for stakeholders
- During administration period, the company cannot be wound up Limits exposure to insolvent trading and personal liability
Voluntary administration often leads to better results for all stakeholders — granting relief from recovery action, and the time to develop an effective restructuring plan.
WORKING TOWARDS A DEED OF COMPANY ARRANGEMENT
A successful Voluntary Administration typically results in the proposal and acceptance of a Deed of Company Arrangement (DOCA).
A DOCA is a binding agreement between the company and its creditors (financiers, suppliers, landlords, ATO, employees).
Insolvency
AUSTRALIAN PRESTRESSING SERVICES PTY LIMITED
VOLUNTARY ADMINISTRATORS OF A POST TENSION CONCRETING BUSINESS WITH 100 EMPLOYEES OPERATING ACROSS 70 BUILDING PROJECTS IN NSW AND VIC.
Insolvency
BIOGREEN ENERGY
BIOGREEN OWNED THE REDBANK POWER STATION. OUR KEY ROLES WERE TO INVESTIGATE THE SOURCE AND APPLICATION OF FUNDS, THE SALE PROCESS, AND ASSIST THE PURCHASER.
Insolvency
GLADSTONE UNITED PTY LIMITED & CELTIC PACIFIC PROPERTIES PTY LIMITED
WE WERE APPOINTED ADMINISTRATORS OF GLADSTONE AND CELTIC WHICH JOINTLY OWNED THE GLADSTONE CENTRAL SHOPPING CENTRE, QLD.
Insolvency
LIFT CAPITAL
LIFT CAPITAL WAS A SIGNIFICANT MARGIN LENDER PROVIDING LOANS TO RETAIL CLIENTS TO PERMIT THEM TO INVEST DIRECTLY INTO EQUITY SECURITIES VIA THE LEVERAGING OF THEIR INVESTMENTS.
Insolvency
OBJECT CONSULTING
WE WERE THE ADMINISTRATORS, AND SUBSEQUENT LIQUIDATORS OF THE COMPANIES. THE COMPANIES EMPLOYED OVER 90 STAFF, PROVIDING IT DEVELOPMENT AND SUPPORT SERVICES TO BLUE-CHIP CLIENTS ACROSS AUSTRALIA.
Insolvency
ADMINISTRATORS: SARGON CAPITAL PTY LIMITED
WE WERE APPOINTED ADMINISTRATORS BY THE COMPANY’S SECURED CREDITOR. PRIOR TO OUR APPOINTMENT RECEIVERS HAD BEEN APPOINTED PURSUANT TO THE SECURED CREDITORS GENERAL SECURITY DEED (“GSD”) WITH SARGON.
Insolvency
SPACE EVENTS
WE WERE THE ADMINISTRATORS TO THE COMPANIES IN THE SPACE GROUP. THE COMPANIES WERE RESPONSIBLE FOR RAISING CAPITAL, SOURCING, MANAGING AND PROMOTING CONCERTS IN ADELAIDE, SOUTH AUSTRALIA.
