Voluntary Administration — Notice of Appointment (Form 5054)
Form number: Form 5054
When directors believe their company is insolvent or likely to become insolvent, they can resolve to appoint a Voluntary Administrator. Form 5054 notifies ASIC of the appointment within 1 business day. VA pauses creditor enforcement for ~25 business days while the administrator develops a plan and creditors vote on the company's future.
Official source
asic.gov.auRelated topics
voluntary administration · va · form 5054 · asic · administrator · s436a · creditor moratorium · company insolvency · insolvent company · business administration · company in trouble · creditor protection · company rescue · administration process · appoint administrator · company debt crisis · business restructure · company wind up · company · abn · bankruptcy · debt agreement
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