JMW Legal
Legal/Attorney - Shailer Park, N/A, AU
JMW Legal Employees
JMW Legal Details
If the company has a solid core business that would allow it to trade viably in the future, the Courts can appoint an Administrator. An administrator is an insolvency practitioner, independent of the company in question. Administrators have the power to call a meeting of creditors to decide whether to put the company into liquidation or to accept the offer of the Directors (allowing the company to trade in its core business to generate cash flow to pay the debt). In this situation, the company and its directors execute a Deed of Company Arrangement, which allows the creditors to take payment in satisfaction of their claims against the company. During this phase, the administrator retains control of the company until debts are paid. Once paid, control of the company is returned to its directors.
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