Ann: Redflow enters Voluntary Administration, page-35

Just to be clear

Normally prior to VA most companies have taken Pre VA advice from special advisors unless a particular event has forced the issue to make them insolvent or have belief of being insolvent in near future. Often a auditor will add notes to suggest issues coming forward and same with accountants noting risks . If this is the case options may already have been explored and failed .

Usually for 5 days before VA the VA looks at the business on a no fee basis to "help" suggest to board / management options and make them 100% aware of responsibilities also ensure there is enough value to pay their own fees IMO.

VA job is not to solve business problems of structures
VA has a set locked in process and very little time to do that process
VA assuming management participate allows safe harbour ( time from creditors) to restructure affairs that creditors may accept so business can execute a DOCA and continue in some form.
Odds are against VA business surviving in original form

VA stands as board and manager - it does not appoint new boards or managers in general nor apply resources unless justified. They assess and approve any decisions management make and also make their own decisions that have no detrimental actions for company

There is a trigger for appointing VA - insolvency looming and the trigger may be a creditor no longer accepting prior arrangements , tax bills legal actions auditor not signing off on annual report MOU not forming contract etcetc etc etc. Cash in bank may be one thing but unless you know money owing quarterly's don't help

Sad in electronic accounting these days that ASX company is not forced to show accounts quarterly IMO .