Voluntary Administration Checklist - New York

Voluntary Administration Checklist is a legal document that was released by the Surrogate's Court of the State of New York - a government authority operating within New York.

FAQ

Q: What is voluntary administration?
A: Voluntary administration is a process where a company appoints an external administrator to help resolve financial difficulties.

Q: When should a company consider voluntary administration?
A: A company should consider voluntary administration when it is insolvent and unable to pay its debts.

Q: Who can initiate voluntary administration?
A: A company's directors, a liquidator, or a secured creditor can initiate voluntary administration.

Q: What are the steps involved in voluntary administration?
A: The steps include appointing an administrator, assessing the company's affairs, developing a proposal for creditors, holding a meeting of creditors, and implementing the agreed plan.

Q: What happens during the voluntary administration process?
A: During voluntary administration, the company's management powers are suspended, and the administrator takes control to assess the company's financial situation and recommend a course of action.