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Appointing an administrator gives your business a chance to survive

When your company is in a situation where debts can’t be paid or you know you might soon be in trouble, a Voluntary Administration is a smart move.

Whilst some might view a Voluntary Administration as an extreme action, it’s often not the case. It’s just that a restructure of operations, creditors and assets need to take place to make the company financially sound again.

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How does a Voluntary Administration work?

A Voluntary Administration is simply a formal process where an external administrator takes control of the company while its financials are reviewed. The aim of a ‘VA’ is always to recover a company’s financial health if possible; or to ensure that creditors get a better return than if the company was Liquidated.

There are 3 outcomes to a VA, as follows:

The company goes back under the director’s control if the company is viable and the VA is deemed unnecessary

A Deed of Company Arrangement (DOCA) is designed to state the company’s intentions moving forward

The company is put into Liquidation

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What happens to my business when I appoint an Administrator?

Firstly, as a company director, you can make the appointment without any court involvement. We can help you do this quickly and easily. Once appointed, our external administrator will quickly step in to help you with your financial issues, taking the pressure off you straight away.

VA’s are usually a fairly short process, typically lasting no longer than five weeks. During this period, the company still trades as normal while the Administrator looks to make changes for the better.

A VA gives you ‘breathing space’ for a number of reasons

We’re here to guide you through it

Unsecured creditors cannot enforce their claims against the company without the administrator or court’s permission

Property cannot be recovered by owners or landlords

Secured creditors cannot enforce their charge over company property (except in certain circumstances)

The company cannot be put into liquidation

Creditors holding a personal guarantee cannot enforce it without court approval

Help for a Distraught Director and Accountant

Australian Debt Solvers were extremely competent and spent a great deal of time answering our questions. Everything was set out clearly and in a helpful manner with easy to understand instructions. Advice was given with the greatest consideration. I would strongly recommend them to anyone who needs help with company liquidation.

They answered every question we asked within a very short space of time. Nothing was too much trouble and they were very understanding – knowing how hard it is for a business to come to this decision.

I have told other Accountants about the great service they provide.

Jo

Keeping a profitable business, after the Court had appointed a Liquidator

We spoke to ADS after our company had already been wound up by the courts. We wanted the assets from the liquidated business, but didn’t know how to get them. We called Debt Solvers and they took care of everything….they got an “Authority to Act” from us, spoke to Deloittes who were the Liquidator, negotiated the sale of the assets, set up a new company for us…….and we are now going from strength to strength. Money was well spent with ADS!

Gary & Jo, UFIF Engineering

Turning around a company that owed too much to the Tax Office

Our company is a Medical recruitment agency with mostly Government based clients. We had a good sales forecast……but were heavily weighed down with debt, mostly from the ATO. I met with Debt Solvers….when I thought I was going to lose the business. They talked me through Voluntary Administration where you offer creditors a reduced amount, and you pay the reduced debt over 12 months – which is called a Deed of Company Arrangement. Our creditors agreed on the offer, and we have gone from strength to strength. ADS even organised a Debtor Finance company to assist with our cashflow at a reasonable rate. Considering I thought we were going to lose the business – an great result!

Shaun, Beat Medical

We’ve helped thousands of Australian Business Directors with the Lowest Price Liquidations in Australia!

Australian Debt Solvers takes up to 10 enquiries per day from Australian Companies that have debt issues. A lot of these have under $100,000 of unsecured debt, with no company assets, and simply need to close the company down. Debt Solvers does this for a fair price, efficiently and with empathy for the Director. It’s a service that has proven extremely useful for Directors, right across Australia.

A low cost Voluntary Administration service to get companies back on their feet

Australian Debt Solvers hears from a lot of Directors, where there company could be profitable and trading well, but they are being tied down by too much debt – of which the majority is usually the ATO. We have worked through with hundreds of companies – a Voluntary Administration – where we negotiate and reduced amount of debt to creditors over usually a 12-24 month period. This is called a Deed of Company Arrangement….and is an extremely effective method of assisting companies to “get back on their feet”. Debt Solvers charges a fair price through this process…….and it’s great to see a business go from strength to strength after this service.

Blows competition out of the water

Firstly Dave showed compassion when the other liquidator was very impersonal. Secondly Australian Debt Solvers are helpful – there was stuff Dave didn’t have to tell me as he is just dealing with our company not our personal affairs. However he answered all my questions which makes it easier and gives me a lot more confidence that we are not breaching rules as we wind down. Thirdly, the fee is so much cheaper than a traditional insolvency practice. So far I am very impressed with Australian Debt Solvers. I will post another review once we have completed the process.

Sandy Sue

Talk with us today and put your mind at ease

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OUR KEY CREDENTIALS

  • In-house ASIC Registered Liquidators, Administrators and Receivers
  • CPA and CA Qualified Accountants
  • ARITA (Restructuring & Turnaround Association) memberships in-house
  • Over 40 staff
  • Offices in Sydney, Melbourne, Perth, Brisbane and Gold Coast
  • One of Australia’s fastest growing insolvency firms
  • Dedicated enquiry team with 24/7 service
  • National legal network and expertise
  • Diverse funding and finance options if required
  • Rated 4.9 out of 5 on service review site Trust Pilot

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