New Hampshire Order that Voluntary Administrator's Authority Expressly Limited to Listed Assets
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FAQ
Voluntary administration is a process designed to give a company 'breathing space' from its normal operations. When a company is experiencing financial difficulty and cannot pay its debts, the company directors can appoint someone called an administrator.
A voluntary administration, also referred to as a small estate proceeding, is a court proceeding on death for personal property worth $30,000 or less, and is used whether or not the decedent had a will.The voluntary administration aims to simplify the court process if your estate is smaller in value.
Voluntary administration is a process designed to give a company 'breathing space' from its normal operations. When a company is experiencing financial difficulty and cannot pay its debts, the company directors can appoint someone called an administrator.
There is no set period of time for a voluntary administration, although it usually lasts about six to eight weeks. The voluntary administrator must hold the first creditors meeting within eight business days of being appointed.
The goal of voluntary administration is to provide the best outcome for creditors, so if either a DOCA or returning the company to the directors' control is more desirable than liquidation, the voluntary administration process gives the company an opportunity to avoid liquidation for now.
Once it enters voluntary administration, the external administrator places a freeze on your payments. If the creditors then vote to liquidate, you might be able to claim some or all your money back, depending on whether you're a secured or unsecured creditor.
While voluntary administration is an option in the case of insolvency or likely insolvency, it is not compulsory. And in many cases it's a bad idea.