The voluntary administrator is an external expert brought in to manage the voluntary administration process. The voluntary administrator must be a registered liquidator with ASIC in order to be eligible for appointment. His/her duties include taking control over the company, investigating the company's finances and operations, and recommendations, which may include a plan to help save the company or for the best outcome for creditors.
The administrator will hold creditors' meetings to keep them informed and allow them to vote on recommendations, provide reports on his/her investigations, and carry out the decision from the creditors' vote. This could be returning control to the company's directors (rare), executing a deed of company arrangement, or liquidation.
Voluntary administrators can be appointed by directors, creditors, or a court. He/she has all the powers of the company's directors, including the power to sell assets in the lead-up to the vote by creditors. Also, the administrator might report to ASIC on any evidence of fraud or offences by people involved in the company.
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