What Is Voluntary Administration
Voluntary administration, or voluntary administration (VA), is a process that occurs when a company’s directors or secured creditors become aware that the company is facing financial trouble.
This quotation is taken from the introduction to an online article on the topic. When a company is unable to pay its bills and is in danger of losing money, the directors of that company can appoint a voluntary administrator to investigate the condition of the company and suggest solutions to its problems.
Get Voluntary Administration advice from the best.
If you are facing Voluntary Administration and need advice or services to help you through this difficult time, this is the place to be. Brisbane Debt Solutions provides a fresh new approach to the administration process. Our Voluntary Administration specialists understand what it takes to provide a seamless experience while being friendly and professional.
Focus your energies on what’s important.
If your corporation is facing serious financial challenges, it can feel like there simply aren’t enough hours in the day to address those challenges. By relinquishing control of the corporation’s affairs to an independent expert, you will allow yourself the opportunity to refocus on what is most important, and formulate a plan for the business.
Delay settling your debts by paying off the most pressing ones first.
When your business is already facing financial or operational problems, your creditors are likely to be concerned and may feel the need to increase pressure on you to continue clearing debts. Thankfully, voluntary administration laws state that no new or existing claims can be enforced against your company without the consent of the administrator or a court.
While it is a short-term solution, those few weeks can be the turning point your company needs to get back on its feet. If you can put together an effective plan in a timely fashion, you will be in a much better position to negotiate with your creditors.
Ease the liquidation process
Going into voluntary administration may be the best option for a business that is beyond the point of saving. This way, you may be able to offer a better return to creditors than you could otherwise have managed, had you jumped straight to liquidation.
Contact Brisbane Debt Solutions today for more information about our debt solutions programs. We’re available 24/7 by phone or email. If you are interested in working with us, please contact our office.