From ASIC. "The voluntary administrator has all the powers of the company and its directors, including the power to sell or close the company’s business – or sell individual assets – in the lead up to creditors deciding the company’s future.The voluntary administrator is also responsible for reporting to ASIC possible offences by people involved with the company."
If I had deep pockets and owned 63% of a company that has significant assets, and also had control of the board and executive management for more than 10 years via my own employees, the last thing I would do is appoint a VA and willingly give up control of my own destiny.
FML Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
