voluntary administrator - $5000 down the drain, page-5

Guys this could be the best thing for the future of the company, well apart from a massive contract.

I am not an expert in this but as far as I can see Voluntarily appointing an Administrator allows options to be put on the table that weren't available before.

The administrator will make a recommendation as to whether or not he things the company is a going concern. Establish a plan for paying back its creditors (which from what I can see the biggest of whom is the secured notes holders ie us and ASOF).

The administrator may recommend refinancing and a share / secured notes consolidation once again subject to shareholder and creditor approval (ie note holders).

Its not all doom and gloom this could well be the start of something good there are options out there.

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Voluntary_administration_guide_for_creditors.pdf/$file/Voluntary_administration_guide_for_creditors.pdf