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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?

Entering into voluntary administration stabilises the situation, allowing you to hit pause, reset, and get back on track when your business is undergoing financial distress. One of the key advantages of entering into voluntary administration is that it allows you time to minimise and pause the pressure you are receiving from creditors. We can help reduce your pressures by examining your situation, we determine whether voluntary administration is the most suitable option.

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:
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.

Get back on track today.

Voluntary Administration FAQs

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.

Reducing debt levels by 85%, back to profitability

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. An 85% reduction in debt got the company through a major trading and cash flow problem.

Turnaround legal expenses into a positive

When an Adelaide building development corporation found itself in a lengthy and protracted legal dispute over a costly project, it found itself unable to trade out the heavy losses it had incurred as a result of the deal. Thanks to a DOCA, restructuring and dispute resolution managed by Mackay Goodwin, the corporation continues to trade today.

A 75% reduction in debt levels saw Melbourne-based company thrive again

When a Melbourne-based earthmoving firm managed to contact Mackay Goodwin over their financial difficulties, they had built up a $280,000 backlog with the Australian Taxation Office (ATO). Thanks to the advice and actionable solutions of our experts, the firm saw A 75% reduction in tax debt, and it got this earthmoving corporation moving again.

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.

Edwin Narayan

Director & ASIC registered Liquidator

Sydney

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Abby Xu

Senior Analyst

Sydney

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Ramina Ahmed

Analyst

Melbourne

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Edwin Narayan

Director & ASIC registered Liquidator

Sydney

Read More

Abby Xu

Senior Analyst

Sydney

Read More

Ramina Ahmed

Analyst

Melbourne

Read More

Get in touch

Speak to one of our experts now for a free consultation.
Enter your details below or call 1300 750 599.

x

Get in touch

Speak to one of our experts now for a free consultation.
Enter your details below or call 1300 750 599.