1. Jack is a secured creditor of Bad Loans Ltd. Jack has just received a notification that Bad Loans Ltd has appointed a voluntary administrator. Jack has no clue what this means for him. Advise Jack on the following:

(a) What it means when a company appoints a voluntary administrator;

(b) Whether Jack can enforce his security interest;

(c) What is the procedure for a voluntary administration (i.e. are there meetings and what happens at these

meetings); and

(d) What are the possible outcomes of a voluntary administration?