- 15 December, 2016
In a recent insolvency statistics report, ASIC reported in respect of the 2015-16 financial year, 9,465 reports were lodged with ASIC by external administrators. Insolvent trading counted for 7,797 (or 82.4% of reports) during the reporting period rendering it the most common allegation against company officers relating to possible misconduct.
While insolvent trading has been the most common allegation in possible misconduct reports by external administrators of companies in prior years, there has been a notable increase in the overall percentage of reports of misconduct in this area when compared to 2014-15 (6,561 or 78.5% of reports) and 2013-14 (7,218 or 76.3% of reports). Read More >
- 13 December, 2016
What is a DOCA?
A deed of company arrangement (DOCA) is a binding agreement between a company in voluntary administration and its creditors pursuant to which the debts of the company are typically compromised or repaid over an extended time period.
A company that is subject to a DOCA is effectively given a second chance to get back on its feet and try to trade its way back to profitability. Read More >
- 22 November, 2016
- 26 October, 2016
What is Voluntary Administration?
Voluntary administration is an insolvency procedure in which the directors of a financially troubled company or a secured creditor with a security interest over some or all of the assets of the company appoint an external administrator called a ‘voluntary administrator’. Read More >