Jantimot, They went into VA under 436A of the corporations act....
CORPORATIONS ACT 2001 - SECT 436A
Company may appoint administrator if board thinks it is or will become insolvent
(1) A company may, by writing, appoint an administrator of the company if the board has resolved to the effect that:
(a) in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and
(b) an administrator of the company should be appointed.
Insolvent means they cannot pay their debts.......either now or the future....
Very sad day for all concerned............
Ann: Suspension and Appoinment of Voluntary Administrators, page-213
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