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McGrathNicol > services > corporate recovery > voluntary administration
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corporate advisory
McGrathNicol
Corporate Advisory is a leading advisory practice providing capital
restructuring, cash management, turnaround execution, distressed M&A,
lender advisory services, business valuations, government advisory services and
insurance advisory.
forensic
McGrathNicol Forensic provides legal firms, businesses and the
government sector with a range of Forensic accounting services; dispute
advisory, forensic technology, investigation and fraud risk management.
transaction
services
McGrathNicol Transaction Services provides a complete range of services;
acquisition due diligence, sell side assistance and pre sale due diligence,
pre-lending due diligence, deal and negotiation support, forecast assessment
and evaluation, transaction project management and post deal integration.
corporate
recovery
McGrathNicol Corporate Recovery is a market leader
with extensive experience in providing voluntary administrations and deeds of
company arrangement, receiverships, creditors voluntary liquidations, members
voluntary liquidations and court liquidations.
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The Voluntary Administration process provides an effective and
efficient means of dealing with a company in financial difficulty and providing
a mechanism for its rehabilitation.
The aim of the Voluntary Administration procedure is to maximise
the chance of a company, or as much as possible of its business, continuing in
existence.
When a Voluntary Administrator is appointed to a company, the
Voluntary Administrator assumes control of the company’s assets during an
interim investigation period that usually lasts 28 days. At the end of this period, the
Administrator makes a recommendation to creditors as to which of three options
the Administrator believes is in the creditors’ best interests, namely,
that the company should either:
§ enter into a Deed of Company
Arrangement or
§ be wound up Creditors Voluntary
Liquidation; or
§ be returned to the control of the company’s directors.
The creditors then decide the company’s future by voting,
with the benefit of a report from the Administrator on the company’s
situation and prospects, and with the Administrator’s analysis of the
most appropriate way forward.
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