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Welcome to dissolve in this advice I will talk about voluntary administration what it is and when it's a good idea but in brief a voluntary administration can be a great way to save a business, but you need to be a bit careful because I think they are overused, so what is a voluntary administration well it is sometimes called an administration or a VA it's done under the corporations' law, so it's binding on all creditors the directors appoint an administrator that takes control of the company there is a process set out in the law with the objective being to save a business by doing a deal between creditors and the company, so what is a model company for a voluntary administration well a company that should consider a VA is one that is insolvent, so it needs a deal with creditors, it's a trading business it commonly has had a one-off loss or bad trading period that is not expected to repeat itself, and so it is a viable business provided the company can get some breathing space so is voluntary administration appropriate for your company? Here's a question that I like to ask If we can fix the debt problems can the company trade profitably in the future? If you can answer yes to that question then a voluntary administration is likely to be the answer for you. So, how would you kick off the process? Well appointment is very easy. IIT is simply a resolution of the directors of the company you would simply sign a document like the one on screen there is a detailed process that follows, but that is run by the administrator the process is designed to start and finish in a little over a month the objective is to agree a Deed Of Company Arrangement commonly called a, so what's that? Well think of an as a deal between the company and its creditors. The law doesn't say what the deal has to be, so they can be designed to suit the situation. So in summary a Voluntary Administration can be a great way to save a business but remember it's a tricky process so make sure you get good advice before proceeding with a VA if you'd like more information please give us a call.
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