We are able to act as administrators, and also as deed administrators under a Deed Of Company Arrangement ("DOCA"). The aim of administration is to maximise the chances of the company, or its business, continuing in existence or if that is not possible, for it to be administered with a better return to creditors and shareholders than from immediate liquidation.
The ultimate benefit of voluntary administration is to provide a company with an opportunity to restructure its debt and ultimately trade out of difficulty.
Voluntary administration was introduced in New Zealand on 1 November 2007. It is governed by Part 15A of the Companies Act 1993. A voluntary administrator may be appointed to a company by the directors, a liquidator or interim liquidator, a creditor holding security over the whole or substantially the whole of the company's property, or the Court.
For more information on this topic please see our article regarding voluntary administration.