The focus of voluntary administration is business survival i.e. restructuring the debt of the business and trading out of
financial difficulty or if it is not possible for the business to trade out of its difficulty to produce better results
for the company’s creditors and shareholders compared to liquidation.
Voluntary administration is a formal process under Part 15A of the Companies Act 1993 that requires an administrator and a
Deed of Company Arrangement (DOCA).
Norrie & Daughters can act as administrators and as Deed Administrators under the DOCA.
Voluntary administration is a relatively new procedure in New Zealand company law that reasonably closely mirrors similar laws in
Australia and has essentially filled what was a gap in insolvency options by providing a procedure that benefits both creditors
and companies who find themselves in financial difficulties.