Find any Australian or New Zealand company or fund (dead or alive) by using SEARCH above or go directly to the site:
Australian companies that are in administration feature in the lists below. See also below for an explanation of administration and how to determine if your company is in administration.
(a small selection)
|CODE||DATE OF ADMIN||EVENT|
|HERON RESOURCES LIMITED||HRR||16 Jul 21||The company has entered voluntary administration effective from 8:00am today.|
|RESOURCE GENERATION LIMITED||RES||02 Jul 21||Directors of Resource Generation Limited resolved on 2 July 2021 to appoint Jamie Harris, Jason Preston and Anthony Connelly as Voluntary Administrators. The Administrators are undertaking an urgent assessment of ResGen. A first statutory meeting of creditors must be held within eight business days after the administration begins and is expected to take place on 14 July 2021.|
|CHINA MAGNESIUM CORPORATION LIMITED||CMC||23 Jun 21||At approximately 10:00AM on 23 June 2021, the Board of Directors appointed Bryan Hughes and Daniel Bredenkamp of Pitcher Partners as Joint and Several Administrators of the Company pursuant to section 436A of the Corporations Act 2001.|
|WELLNESS AND BEAUTY SOLUTIONS LIMITED||WNB||30 Mar 21||WNB has voluntarily appointed Laurence Fitzgerald of William Buck as Administrator of Wellness and Beauty Solutions Limited, The Giving Brands Company and True Solutions. The Administrator has assumed control of the Groupâ€™s assets and will work with the Board during the administration period to maximise the outcome for all stakeholders.|
|IMPELUS LIMITED||IMS||08 Mar 21||Davi Levi was appointed administrator of the company on 8 March 2021. Mr. Levi has also been appointed administrator of the company's Australian subsidiaries, Global One Mobile Entertainment and Impelus APAC.|
|VECTOR RESOURCES LIMITED||VEC||10 Dec 20||Notice is hereby given that Richard Tucker and Benjamin Carruthers of KordaMentha were appointed as Voluntary Administrators of the Company on 10 December 2020 by a resolution of the Companyâ€™s directors pursuant to Section 436A of the Corporations Act 2001 (Cth).|
|SMILES INCLUSIVE LIMITED||SIL||09 Nov 20||The company has not been able to raise the funds required to repay amounts due under the recently anounced release deed with NAB. NAB has now terminated the release deed having earlier cancelled and demanded full payment of all amounts owing to it under its facilities on 19 October 2020. The Board has today appointed Luci Palaghia and Tim Heenan, Deloitte Restructuring Services partners, as Voluntary Administrators to Smiles Inclusive Limited and Totally Smiles Pty Ltd.|
|AFFINITY ENERGY AND HEALTH LIMITED||AEB||01 Jul 20||At approximately 8:00AM on 1 July 2020, the Board of Directors appointed Bryan Hughes and Daniel Bredenkamp of Pitcher Partners as Joint and Several Administrators of the Company pursuant to section 436A of the Corporations Act 2001.|
|COUGAR METALS NL||CGM||30 Jun 20||At approximately 2:00PM on 30 June 2020, the Board of Directors appointed Bryan Hughes and Daniel Bredenkamp of Pitcher Partners as Joint and Several Administrators of the Company pursuant to section 436A of the Corporations Act 2001.|
|GENERA BIOSYSTEMS LIMITED||GBI||21 May 20||administrators Stephen Dixon and Richard Rohrt of Hamilton Murphy appointed - first meeting of creditors to be held on 2 June 2020|
What can an administrator do?
The administrator is empowered to do anything that the company or any of its officers could do previously. He can carry on the business of the company as well as terminate it, or any part of it. His job is to investigate the company’s activities and report to creditors at meetings. The first has to be held within eight business days of being appointed and the second within five to six weeks of being appointed.
The administrator is supposed to oversee a corporate rescue mechanism that gives the company a better chance of surviving or that results in a better return to creditors. That's the theory. In practice, while the entity and even the business may survive, the shareholders have almost invariably lost their investment.
A voluntary administrator is not required to report to shareholders on the voluntary administration, but a few of the more enlightened administrators do brief shareholders of listed companies via the ASX Announcements platform.
Creditors make the decisions
The second meeting of creditors is the important meeting. Shareholders do not get to vote. But the creditors then vote to either return control to directors, or place the company in liquidation, or execute a Deed of Company Arrangement, commonly called a DOCA. The DOCA may enable the company to continue trading and offers the prospect of a better return to creditors than liquidation. When the terms of the DOCA are effectuated, the company reverts to the control of its existing directors or new directors. Depending on the outcomes, it may also go straight into liquidation.
Administration never augurs well
In Australia, voluntary administration has never augured well for shareholders; they usually lose all or most of their investment. Creditors via an Administrator (rather than large shareholders via the board) control the company.
Sometimes administrators hold out the prospect of value for shareholders in the corporate shell. But usually this involves only small entities (resuscitated by backing into the corporate shell a new business or another business and raising new capital), and existing shareholdings are savagely diluted, such that an average shareholding is of nominal value only.
Voluntary Administration -
what does it mean to you as a shareholder?
Administration is the beginning of the end for shareholders. If your company has been placed in administration, its business has almost certainly failed and your shares are of little, if any, value. The chances of any significant recovery, even if the entity is re-structured and recapitalised, are remote.
Remember who your directors and executives were and resolve to avoid in future any companies they may be involved in.
Finding your company
If your company has been delisted or is suspended from quotation it may well be in administration. You can click on the link above to see a list of all companies in administration or find a specific company that is in administration by:
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.
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