The Voluntary Administration process is designed to be easy for a director to appoint and then there are strict timeframes for the Administrator to complete the process.
The aim is to complete the process in about six weeks. The principle of the timeframes is to require a speedy resolution of issues balanced against the need to provide stakeholders with time to receive relevant information.
Here is a timeline of a Voluntary Administration.
In complicated matters it is common for an Administrator to apply to Court to extend the timeframes for the Second Meeting of Creditors. It is also allowable for the Administrator to call the Second Meeting of Creditors but adjourn the meeting for up to 45 business days – this is often done to allow the Administrator to investigate further issues or clarify a legal matter.