appointment of voluntary administrator, page-4

An administrator and voluntary administrator undertake the same thing. The word voluntary refers to the fact that the board of directors appointed the administrator rather than creditors through court action.

They all charge like wounded bulls.

There role is to review position of the company and either it will proceed to liquidation or undertake a deed of company arrangements which if creditors agree would allow the company to continue to trade with creditors accepting cash or equity for debts.

A receiver is appointed by a creditor who has a charge over specific assets and has the power to deal in relation to those assets. Their position and the creditors charge over the asset gives them greater control than the administrator in relation to the specific assets.

The administrator works on behalf of all creditors.

Order of ranking
- secured creditors who pays receiver costs
- administrators fees
- employees
- ATO I think for unpaid PAYG tax
- unsecured creditors
- shareholders

I hope this helps