External Forms of Administrations Topic

Vanessa is a secured creditor of infinitus Loans Ltd. Vanessa has just received a notification that Infinitus Loans Ltd has appointed a voluntary administrator. She does not understand what that means for her. Advise Vanessa on the following:

(a) What does it mean when a company appoints a voluntary administrator?

(b) Can Virginia enforce her security interest?

(c) What is the procedure for a voluntary administration? Are there meetings, and if so,

what happens at them?

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