What next ?

Hi guys,
After the appointment of voluntary administrators by our secured creditor RMB Bank, this is what would happen next according to ASIC (Australian Securities and Investment Commissions). Some quotes/timelines/potential outcomes (highlights are mine)

(Note that usually it is the directors (the board) who make a resolution and decide to put the company into a voluntary administration due to insolvency, but thanks to our directors resigning and the inability for the board to meet (no quorum), RMB Bank took that decision instead of our beloved absent directors (thank you directors for your absence and taking care of us poor shareholders !!!) as a secured primary creditor (thank you RMB for your services !!!) irony intended.....

https://asic.gov.au/regulatory-resources/insolvency/insolvency-for-creditors/voluntary-administration-a-guide-for-creditors/

The purpose of voluntary administration

Voluntary administration is designed to resolve a company’s future direction quickly (the below table summarises the process).An independent and suitably qualified person (the voluntary administrator) takes full control of the company to try to work out a way to save either the company or its business.

If it isn’t possible to save the company or its business, the aim is to administer the affairs of the company in a way that results in a better return to creditors than they would have received if the company had instead been placed straight into liquidation. A mechanism for achieving these aims is a deed of company arrangement.

A voluntary administrator is usually appointed by a company’s directors, after they decide that the company is insolvent or likely to become insolvent. Less commonly, a voluntary administrator may be appointed by a liquidator, provisional liquidator, or a secured creditor.

The voluntary administration process

	Step	What happens
Appointment of voluntary administrator	A decision to appoint a voluntary administrator for a company can be made by: the directors (by resolution of the board and in writing) a secured creditor (with a security interest in all or substantially all of the company’s property), or a liquidator (or provisional liquidator). Voluntary administration begins on the appointment of the voluntary administrator.
First meeting of creditors	The voluntary administrator must hold the first meeting of creditors within eight business days of being appointed, unless the court allows an extension of time. At least five business days notice of the meeting must be given to creditors. Creditors can vote at this meeting to: replace the administrator, and/or create a committee of inspection.
Voluntary administrator’s investigation and report	The voluntary administrator must investigate the company’s affairs and report to creditors on alternatives.
Second meeting of creditors – meeting to decide company’s future	The voluntary administrator must hold the meeting to decide the company’s future within 25 business days of being appointed (or 30 business days if the appointment is around Christmas or Easter), unless the court allows an extension of time. At least five business days notice of the meeting must be given to creditors. Creditors can decide at this meeting to: return the company to the control of the directors accept a deed of company arrangement (the deed must be signed by the company within 15 business days following the meeting, unless the court allows an extension of time), or put the company into liquidation (this happens immediately, and the administrator becomes the liquidator).

The voluntary administrator’s role

After taking control of the company, the voluntary administrator investigates and reports to creditors on the company’s business, property, affairs and financial circumstances, and on the three options available to creditors. These are:

• end the voluntary administration and return the company to the directors’ control
• approve a deed of company arrangement through which the company will pay all or part of its debts and then be free of those debts
• wind up the company and appoint a liquidator.

The voluntary administrator must give an opinion on each option and recommend which option is in the best interests of creditors.