If your company has been delisted or is suspended from quotation it may well be in administration. There are three ways of finding a company that is in administration:

• Search by code (see box above right)
• Search by company name (see box above left)
• Click on the appropriate letter of the alphabet (see the alphabet index above)

If you are unable to find your company or the information is incomplete or incomprehensible we recommend you send us a message and we will try to assist. Please bear in mind we are unable to help with private (pty) companies, public companies that have never been listed or with companies domiciled outside Australia or New Zealand. The Australian Securities and Investments Commission on 1300 300 630 or the New Zealand Companies Office on 0508 266 726 may be able to assist you with other companies.

WHY IS YOUR COMPANY IN ADMINISTRATION?

Usually a company goes into administration when directors are of the view that the company is insolvent, or is likely to become insolvent. An administrator, who must be a registered liquidator, is appointed.

As a rule, the board of the company makes the appointment of an administrator, although it can also be made by a provisional liquidator, a liquidator or a secured creditor with a charge over "all or nearly all" of the company's assets.

When an administrator is appointed, the powers of the directors automatically cease. An administrator takes complete control of the company's business, property and affairs, and can exercise any power that the company or any of its officers would normally exercise.

The law provides a certain period of time to allow the administrator to investigate the company's affairs and to propose an arrangement to creditors. The objective of the administration process is to run the business so as to maximise the chances of the company continuing in existence. And if that is not possible to at least provide a better return for the company's creditors than would result from an immediate winding up of the company.

The administrator must form an opinion and make a recommendation to creditors as to whether the company should execute a Deed of Company Arrangement (DOCA), be wound up, or the administration end. It is the creditors who vote on the resolutions and determine the immediate option and the future of the company. The resolution of the majority binds all creditors.

If the creditors agree to proposals for a DOCA, the Deed is executed and binds the company and its officers. Control normally reverts at that time to the directors although it is common for changes to take place in the composition of the board. Often the DOCA also limits the powers of the directors and requires that certain activities require the prior approval of the administrator. The court does not need to approve but has safety-net powers.

A DOCA generally operates for a sufficient length of time (specified in the Deed) to enable the company to resolve its financial difficulties and repay creditors either in full or as otherwise agreed. When a DOCA is fully effectuated, the company has usually recovered sufficiently for control to revert to the directors and for the board to then seek the re-quotation of the company's shares.

If the company fails to fulfil the terms of the Deed a further meeting is convened to either vary or terminate the Deed. If the creditors resolve to terminate the Deed and the company is to be wound up, the administrator usually becomes the liquidator of the company.