Law and You (82) Voluntary Administration

Voluntary administration is an insolvency procedure where the directors of a financially troubled company or a secured creditor with a charge over most of the companys assets appoint an external administrator called a voluntary administrator.

Ten Network has called in the administrators after failing to secure a new finance package Source: AAP

The role of the voluntary administrator is to investigate the companys affairs, to report to creditors and to recommend to creditors whether the company should enter into a deed of company arrangement, go into liquidation or be returned to the directors.