Voluntary administration is more like the no asset procedure that comes before bankruptcy.
Liquidation is like bankruptcy for companies, where all hope is lost and people who are owed money make claims and sometimes get some of it back when the liquidator sells all assets.
I guess voluntary administration is more like having someone appointed to take a look and decide if it’s salvageable (sell company to new owner) or not (sell assets and close company).
It looks pretty bad though, I’d guess liquidation is on the cards.
so it’s like bankruptcy, but for companies?
Voluntary administration is more like the no asset procedure that comes before bankruptcy.
Liquidation is like bankruptcy for companies, where all hope is lost and people who are owed money make claims and sometimes get some of it back when the liquidator sells all assets.
I guess voluntary administration is more like having someone appointed to take a look and decide if it’s salvageable (sell company to new owner) or not (sell assets and close company).
It looks pretty bad though, I’d guess liquidation is on the cards.