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239AD: Effect on receivership
or “How a receiver's role continues when an administrator is appointed”
You could also call this:

“Administrator checks company's situation and considers options for creditors”

When a company goes into voluntary administration, the administrator has important tasks to do right away. You need to look into the company’s business, property, affairs, and money situation as quickly as possible. This means checking everything about how the company works and what it owns.

After you’ve done this investigation, you have to think about three possible ways forward and decide which one would be best for the people the company owes money to (the creditors):

  1. Should the company make a special agreement (called a deed of company arrangement) to pay its debts?
  2. Should the administration process end?
  3. Should someone be appointed to close down the company (a liquidator)?

You need to form an opinion on each of these options, thinking about what would be best for the creditors. This helps everyone understand the company’s situation and decide what to do next.

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Next up: 239AF: Directors' statement of company's position

or “Directors must provide a company overview to the administrator”
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Part 15A Voluntary administration
Administrator's investigation of company's affairs

239AEAdministrator must investigate company's affairs and consider possible courses of action

  1. As soon as practicable after the administration of a company begins, the administrator must—

  2. investigate the company's business, property, affairs, and financial circumstances; and
    1. form an opinion about each of the following matters:
      1. whether it would be in the creditors' interests for the company to execute a deed of company arrangement:
        1. whether it would be in the creditors' interests for the administration to end:
          1. whether it would be in the creditors' interests for a liquidator to be appointed.

          Compare
          • Corporations Act 2001 s 438A (Aust)
          Notes
          • Section 239AE: inserted, on , by section 6 of the Companies Amendment Act 2006 (2006 No 56).