LAWS2014 Lecture Notes - Lecture 12: Company Seal, Time In Malaysia, Nba Coach Of The Year Award
Document Summary
Voluntary administration is a process whereby a company who may be insolvent is managed in a way that: (s 435a). Maximises the chances of the company continuing in existence; or. If this is not possible, provide a better return for the company"s creditors and members than in the case of immediate winding up. (via continued trading up until final sale) Administration begins when an administrator is appointed under: s 436a: appointment by directors, s 436b: appointment by liquidator, s 436c: appointment by chargee. Can be commenced by substantially secured creditor against the company"s own wishes. Corporations act unlike, for example, receivership, which derives from the common law: timelines the law in this area is very technical and time-lines are very important. The directors may pass a resolution that the company is or is likely to become insolvent, and that and administrator should be appointed (s 436a ca).
